Also, I should have explicitly thought about exit plans if **** hits the fan at any step along the way.

Lol all it takes is clicking on a profile to see that you’re advertising the fact that you’re a coach regardless of if you explicitly offer it on the forums.

My husband is buying one right now with 5% interest 7 year arm. 25% down payment. 

I've collected rent in bars, restaurants, casinos, WalMart, my driveway, at an armed security gate at a refinery, a medical clinic, a hospital room, and ATM's at a bank and convenience store.  

I'm working to reconcile real-world advice with the text books.Here's the balancing act: don't take too long to pull the trigger on my first property, but go into that first deal armed with knowledge and education.Keep the advice a-comin'!

If there is a ton of equity the bank may not see it as an “arms length transaction”.

These are all local community banks that only serve our seven county area:3yr ARM @ 4.25% 2% max per adjustment with a 5% lifetime cap (lend at 80% ARV)5yr ARM @ 4.75% 2% max per adjustment with a 5% lifetime cap (lend at 80% ARV)5yr ARM @ 5% 1% max per adjustment with a 3% lifetime cap 5yr Balloon @ 5% no lifetime capFixed 15yr traditional at 5%Thanks for any feedback you might be able to provide.

Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.3.

As far as what to do in your situation it’s easy for strangers to be arm chair quarterbacks.

$0 transfers are no consideration deeds, transactions of the “non-arms-length” variety, often between related parties or entities.