I have about $300k in equity (based on a BPO performed in July 2023) but no cash.

For example, if the refi lender requires 6 months of seasoning so that the refi is based on LTV rather than LTC, then your HML will likely be 7 months...

I am not based in Detroit and can not physically go the office.

He was very successful and wealthy before he started making videos and created a course.Does his course teach you to build a successful business or work hard at a W-2, earn a boatload of money, and then learn for free through a mentor like he did?

It is very simple and cheaper to set up the LLC in NJ vs NY ($50 vs $200 when going on the state website) what is still an open question is I also need an operating agreement for the LLC once set up, wondering if that is also free as part of just getting the LLC set up on the state website or if I need to use a lawyer or a legalzoom type of service to do that.

If you want more details, feel free to reach out.

Check-Writing and Payment OptionsDo they offer free checks or digital check-writing?

The reason I say this is that with a 5+ unit a lender will evaluate based on NOI and a cap rate, so adding a 5th unit COULD (or could not) substantially increase the value of the building and make it worthwhile to refinance and pay off the existing loan (that is tied to the "old" quad) anyway.

I would suggest that you first get pre-qualified with a conventional lender to see if you qualify for a conventional loan based on your DTI.

, attending "free" nothing down seminars, (Tom Vu??