Custom homes can be very expensive to design, engineer, finish etc.

Ive noticed that not only the number of foreclosures is down (which is good in the big picture of the American people and economy) but those that are out there have such a small margin for asking foreclosure price and regular sale price.

This method makes sure that the project stays funded and that we aren't floating a loan to the customer. 

@Justin Wooten  Your pictures don't look too bad...

Once you have an FHA loan you are not allowed to have another FHA loan unless relocating a great distance for work.Now that you have exhausted your Low Down Payment Options (Portfolio Conventional and FHA Conventional and FHA) you will need to use a Standard Conventional Loan and put 20% down to get your 3rd Duplex.The sky is the limit...you could continue to buy properties and build an empire or just stop there and enjoy more free time...I have friend who quit his job and just manages his properties now.Keep in mind that this 4 step process I outlined takes time (anywhere from 1 to 10yrs depending on the person) so keep the big picture in mind but don't let it stress you out too much.

At first it's okay to come by and get pictures and i can say I need a contractor to come take a look at the place  so I need to come back again.

I usually avoid houses with PB plumbing for the reason that I will have to replace them right away at several thousand dollars.If you do consider selling instead of re-renting (looks like selling is the best path based on your low profit margin), bring in an agent into the picture, have him take a tour and find out what market comps are and if it still might be worth replacing the carpet and painting in preparation for your sale.

There are more selection in terms of larger custom homes at lower areal cost ($/sf) than Silicon Valley.Morgan Hill $837,500 +25.9% 40Gilroy $657,000 +18.9% 80 Contact me for direct link to each neighborhood sources.

I am in the Sacramento, CA area and have the ability to create custom NOTES from homes that I buy and sell.  

Or can you email me so i can send you a picture and have you explain?