There was 2 that have closed in the past 6 months. 1 was a fixer upper for 160K, the other sold for 220K that is similar.

Re-sells are having a hard time competing bc Hortons Lender is offering much lower interest rates plus $$$ toward upgrades/buydowns/closing costs.Anyways just thought I'd share what is going on in my market!

It is a bit of a gamble, but personally, I always get my own bids from people I will hire and either take a credit on price or have title issue the checks directly to those contractors to get work done as soon as I close.  

We have Northern CA investors investing in Reno, NV to be close by but take advantage of the tax benefits all of the time. 

Has anyone closed these new 40 year DSCR cash out loans I see advertised as fixed rate options? 

More specifically, analyzing hundreds of pages of text in disclosure packets including inspections and advisories to understand the risks when closing deals. 

Most work this way BTW Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

That's a business purpose loan that doesn't allow owner-occupancy whatsoever, and you sign a document at closing agreeing to this. 

Send deals my way, The Cape Guy will close today.”

My first goal was to buy my first rental in 2024 closed in march currently house hacking it.