To protect themselves from such occurances, many are now instituting polices such as the response you received.This is exactly why I say that to have the most success with REO acquisitions, you must be all cash and be able to close quickly.

By instituting penalties for delays in your contract and by paying draws only after the work scheduled is complete.

But I can tell you as a realtor, we constantly get it drummed into us, that if we engage in anything that looks anything like the above, we are to run the other way, and not participate in the transaction, or we could lose our licence, be fined, or go to jail.

Also, believe it or not, the way I found this deal was just from actively participating in conversations here on BP.

I'm just talking money here, not warm and fuzzy feelings.When you add to this the devaluation of our dollars and the difficulty to borrow from lending institutions, there is simply less real wealth to go around. 40 years ago, 1 mil was a great goal-with $.25.9 per gallon of gas, $.18 Mcdonalds burgers and wonderful homes for 45K.

It sounds like you've got a ton of great experience and I hope you find the answers to your financing questions going forward.Definitely jump in and get active here... you'll find a lot of value here and will certainly build up your network by participating.

As a landlord/investor, I have multiple properties in numerous states, high credit, 6 figure checking account, have never missed a payment or even been 30 days late, but because I am self employed, I am considered the most risky borrower and therefore cannot qualify for institutional lending.

Institute a National Sales Tax.3.

The FDIC Institution Directory can be helpful.

He's got a $600 program with Lance Edwards of Apartment Wealth Machine where he sets it all up for me with this awesome Operating Agreement specific to REI.My end goal is to purchase multifamily and self-storage and hold them for cash flow while also picking up beat up properties in Atlanta and greening them (as long as the local government will be a willing and able participant).I'm saying all of this because I want to know if I'm on the right track/doing the right thing.