I don't know about other parts of the country, but here in Memphis, the "hard money - Refi" model is dead.

The last true comp (same community, same model condo) sold for $335k in July of last year.Other than that, there's no true comp.

2007 model fourplex near Austin TX3700sf total, all 2bed/2bath units,2 stories, carports2.85% taxesHOA $360/mo (community center and pool, workout room, etc)2 units currently rented for 859 and 979, other two should be about 859 as well (979 unit is partially furnished)Very nice area, desirable location (schools, employers, etc)$0 needed in repairsWhat is the max price you are willing to pay?

Go walk through model homes of new construction builds, and see what colors they use.

and I really like your business model of doing the rehab work to juice the profit up.

One of our best return properties was a short-sale; but the time it took to move through the "process" was so protracted that it is hard to build a predicatble business model.

It's a business model that, at present, works.

If you offer those same people some pie-in-the-sky promise of unlimited riches complete with a Mercedes and hot super-model - they'll literally max out their credit card, even if you've got absolutely nothing to offer but hope.

You may also seek out commercial investors at your local REIA and see if they will let you "borrow" some of their models.

.-- Rehabbing and flipping can be a great business model!