Instead, a lender will want to see that the property currently brings in (or has the potential to based on market rents) enough to cover the monthly principal, interest, taxes, insurance and HOA (if applicable).

Pick the kind of place to buy, like houses, buildings with many homes, or places for businesses, based on what you want, how much you can spend, and how much risk you can handle.

Try asset based lending, portfolio loans, where all they care about is the property.

Hello my name is Daniel Im interested in a house that the seller is selling with a land contract.

The issue that you have, is that your guests experience will depent greatly based on the demographic that the motel building brings.I would pass and try to get a small multi-family building or see if you can buy the whole motel(to have more control).

This is based on a few dozen private lender programs that I utilize for my clients.o Rate buydown ratio: Current norm is a 4:1 ratio, or 1% fee for 0.25% off of rate.

I have a great base of knowledge, I have a real estate license in Idaho and an Insurance license in Utah.

Looking for some insight and recommendations based off of what worked well for others.

Local brokers in your market will know the current cap rates for the property class, mainly based on recent comparable sales.

I’m based out of Phoenix, but would be interested in any market given the right opportunity.