A rehab and sale can take well in excess of 4 to 6 months.Lastly, lawyers and professional organizations can be expensive and eat well into your capital.

I still have a BOA mortgage w/ 21 more years on it (technically, but I know I'm ahead on that) that I plan on keeping and paying down as quickly as I can afford.My friends have almost no money to put down and I'm planning financing them.I have a lawyer who I've used twice in the past for traditional purchases (one bank financed, one cash) and she assures me this is not a difficult thing.My friends have agreed to my asking price and my terms of the loan.We are getting a small premium on the sales price of the home and are loaning them the $110,000 at 6% over 30 years.We still owe about $75,000 of the original $91,500 BOA mortgage which is at 5.875%.I talked to my Allstate agent and she said we'd have to switch from homeowners to a Landlord policy.First question, does this sound like a fair deal for both parties?

Hi Lyndsey,There are no laws in Ohio regarding application fees (standard I am not a lawyer disclaimer and this is not legal advice.)

Hey Scott, I don't specifically know the Seattle market but will assume like most metro areas it will be similar to where I live in San Diego.Most major metros like that you will not be able to effectively cash flow.

I think that the core strategy for setting up my financial house involves establishing relationships with three key people: (1) an estate/tax attorney, (2) a financial planner, and (3) a CPA.My intuition is that I should probably talk to those three in that order (lawyer, CFP, CPA).

We have used a normal LLC for our residential business and a separate one for our multifamily projects.But dont just take my word for it, spend the $$ and sit down with a lawyer in the DFW area.

My 2nd mentor was a doorknocker and I'm really shy (initially) so I dreaded doorknocking but it is a very effective method.I've seen others try to develop good training programs b/c they were so frustrated with what was out so I wish you good luck!

While U.S. banks try to comply with stringent banking standards effective in January of 2013, most of them won’t be reissuing new commercial debt.

My concerns are you changed your original ARV from 250 to 280albeit that 250 is conservative you can't just change it to 280 to make the #'sWho did your comps and do they know that area inside and out and the effect the highway will have on ARV and resale?

Direct Mail takes a while and needs frequency (e.g. one 5000 run is less effective than 8 x 500 runs) Selling Rent to OwnYou need to show the Owner that the costs to sell will net them 80 - 85% of appraisal.