Cut up your credit cards if you carry a balance on them, and start paying them off.

@Casey Brady-Gold  No..  

It will carry you thru the first steps of your plan.

I have an SFR im considering doing an owner carry on in Indiana with only $3-5k down and was wondering how long and costly it could for me to foreclose on a mortgage/note vs just doing a lease option ?

If the property next door to yours, and the one on the other side, and the six other comparable assets which sold in the neighbour during the past 12 -18 months averaged out to a market CAP of 7.5, then you know where your property will need to be priced (within 1 -2 standard deviations depending on where in the spectrum you determine the property fits) when it goes to market.CAP rate are only really meaningful when  you are trying to set a sale price in a given market - we don't even look at them when we are purchasing.If you read my post above, you will see I suggested finding our the market cap rate to garner an idea of where the stabilized property should be priced when it sells.BTW:  GRM is another single-point-in-time ratio that, on its own, should carry no more water than a CAP rate in your analysis. 

Depends on the lender.Bottom line, you need to know your ability to borrow and under what terms before you get involved in trying to carry out this strategy. 

This place is right across from the stadium and should be gold, but it's at 555,000 and would house 8 but not separate bathrooms, etc.  

But I can certainly understand how up there in Portlandia I bet listings are pure gold right now.This was a good topic, Jay.  

Imagine carrying such items up to the 2nd 3rd floor and trying to fit a 12' paddle board in a room with 8' ceilings. 

However, I'm strongly considering using a cash-out refi to pay down the ULOC and free up some capital (which would mean carrying a mortgage on the rental unit).