I'd build at least 3 units. the DSCR loans we underwrite get 1.6 debt coverage and because we build under 4 units they have so many exit strategies depending on which appraisal method goes for more. 

One of the buildings where I have a condo changed from coin to card operated laundry and they really liked it. 

However, the increased interest rate is a significant consideration.Breaking even on the Farmington condo: While not ideal, remember that you're still building equity as the tenants pay down your mortgage.

Mike,If you are not going to cover your belongings and the parts of the Building you ar responsible for, another avenue to try is to see if your Homeowners policy can add that location for Liability only.  

I was never involved in the business and don’t have any background in real estate to build on.

In terms of the building you are under contract on, is it brick or frame? 

The right way to do it is by adding to the paperwork a copy of the memorandum that will be recorded with the county, and also the release to ensure the sellers know they have to get a receipt of the release if a cancellation happens and it's approved by both parties.

People would say things like cash flow, seller financing, Self-Directed IRA, etc. and my eyes would glaze over.RTR Academy starts at a basic level and builds you up to where you need to be for a successful endeavor into real estate. 

The drive is a horseshoe shape around the back of the building (only one building on the property).

Now he is currently building another one and i think it is a great investment.