Congratulations about buying your first rental property!

I buy with an agent and stay away from sale by owner.

Buying another multifamily would complement the 6 SFH and round out your portfolio. 

Hi Rebecca, DSCR Loans are a great tool, depending on your goals this is a doable deal. 75% LTV is possible.The rate is not going to be pretty, but you can buy you down to a 1 year prepay, get your credit up and with rates dropping, refinance once again in 12-24 months.

I'd offer to buy the tenants dinner and a movie on his behalf.

Buy your next deal using a traditional mortgage and your own name.

You need to have enough money, probably in the $100-150k, amount to put the property under contract, and do the feasibility study on the property, Phase 1 Environmental, Property Drawings for roads, water sewer, and utilities, and have a completed budget so you know what your costs are.At that point you can go out and attract investors, I don't thing that developing raw land is necessarily cheaper than buying discounted finished lots. 

Investment Info:Single-family residence buy & hold investment in Lenoir City.

Hello Kyle,There are lots of things to consider, and there are lots of different types of Zoning for residential.For example you could be zoned residential, but the minimum lot size could be 1 acre, and you are buying 1 acre, in that case you wouldn't need a developer, you would just need a builder.For example, lets say you have 5 acres and a perfect rectangle property, that has an existing street that runs the long ways of the property so you won't have to put in any streets, you will simply need to get with a surveyor, figure out your minimum lot widths from zoning, and file with the municipality to get your property subdivided into lots.Once you have subdivided lots, you can either sell the lots outright to a builder, the cleanest transaction.Option 2, you could try to partner with a builder so you can split the profits, most builder's will want you to guarantee the loan, and still charge a build fee before profit splits.Option3, you can hire the builder, obtain the financing, and keep all the profits.Option 4, you could do any combination of 1,2, and 3. 

Investment Info:Single-family residence buy & hold investment.