On top of that you have operational inefficiencies that local investors simply don't have.Some of the absentee (OOS) slumlords are giving all of us property owners a bad rep here in Milwaukee.

Hello all, newbie here with Pre approval letter and currently researching cities for investment properties. 

Amongst the common misconceptions I see by posters on BP are that hard money loans are junior mortgages to fill the gap between institutional financing and down payment; that it is in lieu of down payment so the borrower can acquire a property with “no money down”, and that it is money borrowed to use for an earnest money deposit.

Hello BP community,I’m currently exploring the possibility of converting a single-family home in Philadelphia, which is zoned RM-1, into a multifamily property.

Other than perhaps property taxes, turnover is generally the biggest single operating expense you will endure as a buy-and-hold real estate investor.

I am with Lone Star Realty and Property Management.

We now hold it as a rental property that cashflows well with a 2.75% interest rate (got lucky with the rate environment at the time of purchase!)

Once you go to 5 units, the property is technically considered commercial property to banks so you'd need to get a commercial loan. 

I've bought properties before via "Subject-To" but I've never done a novation or a land contract. 

I bought it strictly as an investment property.  10% down, conventional, no PMI.