Right now, if you want to thrive in this hot and competitive market, you have to totally adjust your approach.You need a method to get control over the deal, butt out the competition, and then you can perform the majority of your due diligence.That’s why I use what I call a “soft offer”.

Completely new kitchen (stainless steel appliances, soft close cabinets, new countertops), new boilers, in unit washer dryer (new appliances), new roof 7 years ago.

But when you don’t have $100,000 for a down payment you do what you got to. Well

Broken down into hard costs(known costs) and soft costs( variable costs).

My numbers are as such:Current Loan on Property Left: $400,000Current Rent Roll- $120,000 gross, Current NOI= $102,000 before debt serviceWith all the soft and hard costs, the Construction Costs would roughly be about: $1,200,000So we are all in for about $1,600,000 ( Construction Loan + Current Loan)Let’s say that at this point everything is built and everything is 100% occupied....This is in California by the way. 

I would say at most of them I have attended, the pitches are very soft, not a lot of pressure, but results vary greatly and are not always what is projected or pitched. 

In my area, it's 1/3, 1/3, 1/3.1/3 cost of the developed land (land with utilities and is ready to build)1/3 cost of constructing a dwelling1/3 soft costs and profit (financing, realtor commissions, closing costs, profit)You need to look at some of the vacant land builders have bought and built on recently.

Instead of throwing in the towel due to lack of money, I thought I would throw this out to BP and see if somebody can point me in the right direction, whether that's hard money, partner, etc.

@Rich WeeseFannie and Freddie will permit pref equity, but it must be soft pay rather than hard pay.

Stainless steel kitchen appliances and soft close cabinets grace the kitchen.