Some banks will buy the credits from you, reducing your all-in costs.3) If gutting, be sure to decommission any central utilities (boiler, etc) and separately meter the units.

He also told me never to have too much money in the bank for fear of getting sued and them taking your capital.

Do not expect to get bank and credit union favorable rates and terms, it will not happen with Hard Money loans.I wish you the best and if you have any questions or concerns just contact me.  

He got stuck when banks stopped financing, and he lost 44 million dollars worth of real estate.

I've never owned property and have less than 10K in my bank account. 

Most banks will do a cash-out refi for 70-80% of the home's value.

Working on my first rental property (bought from the bank.)

And once you have a proven track record, you may be able to work with a local bank to get a business LOC or some other type of loan to fund your projects at even better rates than 8%.

Our cash flow and credit scores are good (mid 700's to 800's depending on which reporting agency is used) but we do not have W2 jobs anymore so that prevents the regular bank route for a 30 year loanAll feedback appreciated!

@Ben Kahle it’s not very innovative, but for assets that size we build a bank of parcel lockers using various sizes of something like this:https://www.mailboxes.com/mobile/products/4c-horizontal-mailbox-10-door-high-unit-37-1/2-inches-double-column-stand-alone-parcel-locker-4-pl5s-front-loading-usps-access/It’s much more affordable than the Amazon Hub and other similar high tech solutions.