As @Robert Steele mentioned - I think there's a much higher likelihood that the tenants will waste your time than actually follow through on the purchase.

Wow, that's a loaded set of questions Alexandra!

I have an apartment for rent now, and I have a caller asking me how many adults I'd allow in this apartment (loaded question).

@Chris Bounds hard is not hard anymore anyone who has been in the lending bizz more than a few years hard or not realizes that those with no capital are not worth wasting any time on.Suggestion need to get equity partners so you have actual capital.the no money no credit get rich on my hardmoney loan is pretty much dead and has been dead for years.

Be sure to read through the Learn section above it is loaded with great info.

But this seems like a huge waste of reserves I have built up so I will have a cushion for vacancies/repairs/etc.I don't know what to do.

I've used one in the past and once you get your questionnaire loaded with them, it's quite simple and they email you the info after the call.Personally, I don't mind missing a call as it gives me time to do some homework on the seller and some on BP actually like playing "hard to get" as it shows motivation.

I've noticed that $200k houses still rent for similar values, so there seems to be a waste of money and a cutoff point there.

If you submit applications to 5 different banks that are underwritten by the same house, you will only end up with one approval, and several wasted inquiries on your credit report.As a result, you won’t be able to get approvals from other banks for unsecured credit for at least 12 months, due to the number of inquiries you have obtained.Synergistic Investments knows which banks to apply to depending on what state you’re in, which banks pull from what credit bureau and which underwriting house a certain bank uses.2.

@Jerrold Meer - You will most likely be wasting your time trying to contact Bank of America on this.