When we get private loans, we usually don't leave much in a property.

-Have about $30k in savings and usually able to put $2k in savings every month unless I'm paying for some other expense like a vacation or Christmas presents or an emergency-I have no other means of retirement accounts (no 401ks or anything like that)Where we live now, we know it wasn't going to be our "forever" home.  

I did find an agent, he just got in the business and was happy to show me all of those over-priced listings to sell me -  I had no clue how to buy them - with simple math I determined that I would have a big negative cash flow - that is if I was able to buy.So I gave up on those suggestions of Building my team!  

I have a guy that works way cheaper then he should and does them for about $1300 labor which I know is crazy so I am trying to get a grasp on reality when I start shopping rates again.For a small full bathroom we typically do a complete gut except we keep the tub and reglaze it -  Labor usually consists of ceramic tile shower surround/tile floor - new toilet,light,mirror,towel bar,faucet, shower head - trim and painI know this is region specific but just interested to hear others

Defiantly a negative cash flow property, pass on it.  

That never fails.Check it out...thats usually a lot of networking events around town.

I will spend some time on my own.. and do a pre app at the city or county that usually cost 1 to 2k.. then I might go to stage two with prelim drawings etc that cost 10 to 20k.. then I will decide if I want to move forward.Generally speaking you cannot develop bare land without up front cost that you could walk away from I have walked from 100k plus up front and not closed..

If all but three units are rented, the reason for the sale is not negative cash flow.

That aspect of it generally makes that type of financing slightly more expensive than a regular recourse loan, but usually not by much.

.- Borrower pays all closing costs, usually subtracted from loan proceeds upfront.- Make sure the interest plus points doesn't exceed usury in your state, I don't know what it is in Florida.