There was MF debt circulating in the low 4's well after market rate loans were into the 5's that was portfolio money that just wanted to lend on MF assets in our market and was willing to do so at competitive rates. 

Very competitive there now I agree. 

Has minimal competition How did you find this deal and how did you negotiate it?

Nothing special in terms of the process: Met up with brokers in my area, underwrote hundreds of deals over 6 months, submitted dozens of LOIs and eventually found an offer that worked.It was marginally less competitive when I bought my SFHs - I could offer at asking and have a good chance of getting my offer accepted.

Also, I'd recommend getting preapproved for a loan so you can be competitive when it comes time to making offers.

Actual rent rates would be competitive, but likely a bit higher. 

Global Warming?

Have you finished all your research to make sure you have no competition?

What I like most about it is the competition.

/Dec)Many banks for the last 6 months have been testing the market and pricing even the messed up homes at full retail value.Trustee sales over the last 6 months got very VERY competitive and investors were bidding up homes above 80% of value, this caused the banks to try pricing REO's higher.I have no idea if I am correct or not, but I do know that times have been tougher to lock great deals so far this year.