Currently, my strategy is to rent to section 8 tenants for the guaranteed income.

Ask to speak with some of their current owners and current/former tenants.

The house we just bought is in cabarrus county and currently 1300 sqft with a 200 sqft breezeway.

Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option. 

If you net a $300,000 profit from the sale of your current you could in theory invest in a $1.5MM property.

If the business sells (it’s currently listed), the rent payments would stop, but I’d still own the property as an asset.

Are the units vintage quality with in-place rents $500/mo below current market?  

So, I talked to the current tenant got her bills (I knew how much they would be roughly since I had a rental up the street I was remodeling to get on the market).

I have 9 loans currently so looking to do a conventional loan on my next depending on that process.

In some cases, after running the numbers, I’ve even faced potential negative returns, causing me to miss out on promising deals here in South Florida.That brings me to my question: I currently own two homes—one is my primary residence, and the other is a rental property.