Seems some of you have some good experience with the industry.I've been doing direct mail to commercial apartment owners, but one of them brought a hotel to me that he wants to sell.

I've brought cashier's checks to the auctioneer at the courthouse steps to stop the sale before.

I for one missed your posts.. being on the lending side for decades this is something we deal with daily.. and its never going to stop.. you have the bad judgement folks , you have the inept and you have the out and out thieves.. part and parcel of what brought these folks to this situation is highly risky assets that take a ton of work to figure out and work out. 

I doubt they've even thought about the points that you've brought up. 

We noticed there were some major problems not brought to our attention until towards the end of the contract where we were under pressure to make a decision. 

Its nice to see its still affordable to find a good lot and have a new MFH brought out by the MFH company. 

I would be surprised if borrowers could meet the experience criteria, its terms that are real and available but reserved for elite rehabbers with a lot of completed projects.Typically, 15% - 35% of the purchase price (or total project cost depending on the lender) will have to be brought to the table by investor in order to close.Once the loan is closed it works like a construction loan.

@Lisa Hoover- Haven’t brought up the insurance topic yet, as of right now, I have it insured as it is with the Lender.

I had brought this up with my realtor that I use for rentals in a different area and she gave me the link for home testing and basically said I have to do it and don't have a choice so I'm very glad to hear from others it's actually not like that at all!

Self Storage Project Worksheet Drive up StorageNotes:Land$499,00032.78 acresSurvey$7,000Site, elevation and building layoutFence$5,000Black chainlinkGate system$50,000Automated rolling 20ftEngineerif needed; $30,000 to $60,000Dirt work$100,000Slight roll, no dirt brought on siteBuilding demoif needed, $15,000 to $60,000Electrical- site$70,000building lighting and office if needed, LED.Electric polesif needed; $2,000 per pole.