Best, - PChuck -I am a rookie still working on my first deal, so I dont know what my true numbers are going to be.

That is because it is true.

If you pay 100% of its true value, then try to renovate or build... you've already lost most of the time.

Picture yourself in front of a judge, with tenant saying that the place was like that on move-in, and you being unable to say whether that is true or not.

Another strategy is to have enough cash to make the acquisition of the property and then use credit cards or personal lines of credit to fund the rehab.First lets concetrate on your short term needs...You need to finsih that house and get that HELOC sqaured away so you don't siphon funds away from it for personal use.

High Ethical Standards - Honest - True. 2.

You can say whatever you want, whether you know it to be true or not.

I guess it's true that anyone wanting to rent a room or a roommate has issues-- a record, a large dog, bad credit-- something that makes it harder for them to find their own place.

Josh I have talked about this many times.On the residential side all these scammers used to exist.Sell the loan off so they didn't care and closed up shop when it fell apart.Now that residential is under huge government regs they have all moved to the commercial side.All of these people advertising many are just helpless point and fee takers getting sucked up into the scam.Many of these so called lenders are not lenders at all but mills running due diligence fees,insurance fees,deposit fees etc. and then say they can't fund later on to deny the deal.I have found direct lenders are very hard to find and I find one of those for every 20 scammers.As a buyer you do not pay upfront fees except for appraisal,survey etc.You can talk to these scammers on the phone and can tell by what they say they are not a true lender.I do very heavy lifting to make sure my lenders are real and I am not dealing with a middle man to protect my clients buying properties through me.Any company claiming to be a lender that will fund anything is more of a conduit (middle man) taking fees.A reputable lender will display recent closings and details of the loan.They will have very detailed rate sheets along with terms and conditions of the program.Any points will only be paid at closing when they perform.Many of these lenders will be highly specialized in a particular asset class and not broad in scope.The interest rates from legit lenders will be very close in percentage rate and LTV's.The difference being in how much money they have to lend and what loan size they specialize in and recourse versus non-recourse etc.Many lenders can promise but very few can deliver on the rates promised and close it.

Marie says above is true: Bad things can happen to your interest in the property if the seller hits financial problems.The way the sale would work is you'd arrange a closing at at title company or an attorney's office.