When I describe the type of houses I buy and the numbers, most non-investors are surprised that type of property exists in my area.So maybe they are available in your area: ask local investors.

I am new to real estate as an investor, though we will close on our first non-owner occupied deal this month.

They are both non-institutional loans.

@Daniel Chang Regarding expenses, when there is positive cashflow to pay everyone it's a non issue.

Although I am not completely opposed to renovation I am looking for something a bit more turnkey which I can add value to through non structural improvements.

Before putting your condo on  the market I would check to see if it is "Warrantable or Non-Warrantable" this means that it is eligiblee to be sold to Fannie or Freddie.

I assume they think that will make a lowball offer more palatable.They also charge a $2000 non-refundable deposit.I've presented a couple of wholesale deals to clients and I always tell them up front that this is a wholesale deal, and that they will be required to pay closing costs, commissions, and a $2000 non-refundable deposit.

A) 5/1 ARM – 20-year Term; Up to 30-year AmortizationInterest Rate Options:1) L5 Resi Owner-Occupied 5/1 ARM No Point Rate + 1.00% + 1 point2) L5 Resi Owner-Occupied 5/1 ARM No Point Rate + 1.50% + 0 pointPresently: L5 Resi Owner-Occupied 5/1 ARM No Point Product is set at 2.50% therefore, the CML Non-Owner Occupied 5/1 ARM rate would be1) 2.50% +1.00% = 3.50% +1 point2) 2.50% +1.50% = 4.00% + 0 pointTerm: Max: 20 yearsAmortization: Up to 30 yearsFloor: The initial rate on the transaction will be established as the Floor rate for the life of the loan.Repricing: At the end of the initial 5-year period, the interest rate would reset to the then 1-year T-Bill Rate (Index) plus 325 basis points (margin)No prepayment penalties requiredInterest Rate Repricing Caps: 2% +/- at each change date; 5% +/- over life of the loanClosing fees: Utilize mortgage calculator fee scheduleStandard commercial real estate loan underwriting guidelines are required (i.e.

We only make commercial loans to non-occupying LLCs and Corporations.

Save your other money for the next non- owner occupied that you will have to have 20-30% down.