Ready to cross over to the world of multifamily buy and hold, rehabbing/flipping, land development, REO/pre-foreclosure/short sales....If it's a deal...we're there!

I have been using the site to educate myself on a variety of subjects over the last few years and am now ready to develop my network and make my first deal.I have been renting in Syracuse and am now looking to purchase a 1-4 unit property.

Some investors use it to filter prospects, some private lenders use it as a threshold for their terms, etc but other than that, it's just an indicator.When I analyse a project, I always work backward from the minimum profit I want to make....next is ARV.....from there, I calculate all other expenses (including closing costs on the purchase and sale) and work down to the bottom line.I use a private lender that doesn't know or care about the 70% rule so I don't use the rule.

What might be insured is between the insurance carrier and the lender.Considerations are vast, the local economy, the project, management, financials, timing of the project to completion, basically all areas that a lender will consider.As to sub-prime, never heard of it, as coverage is generally afforded to strong borrowers, developers that are entering a project at a higher LTV initially and the LTV is reduced as a project comes to completion, the initial risk.Apartments or properties held long term can be insured but again usually to cover the LTV risk, that is risk enough and to add sub-prime credit, management, or low debt coverage issues really isn't an insurable risk.

That is how Realtors board maintain their monopolies - requiring you to belong.Good luck and interview prospective brokers carefully.

I think there's a ton of opportunity in town for developing some of those borderline safe/desireable areas.

I'm currently developing my vision and looking forward to eventually telling my success story.Happy New Year!

So you can go either route..Having overall financial savvy should help in your macro prospecting, although probably less on the costs of flipping an individual deal..

A couple things from my perspective: TX is a very low barrier to development state especially compared to CA and even the geography is wide open so the danger is that developers will just move a mile down the road and build new product to compete with yours if good employment is headed that way.

You'll develop a big network which will then make the transition very easy into your other business.