A close friend of mine is doing this and looking for more properties.

I live right close to WNC just minutes over the line in NC and the market is similar here.

this is me and my partners 1st deal we got 14 days to find a buyer/ or find another exit strategy.My question is, how can me and my partner work with a private lender to get this deal closed if our buyers we made contact with are not serious about closing but we know there is money to be made in the deal!?

Purchase price: $270,000 Cash invested: $100,000 We recently closed a successful investment deal on a duplex that we acquired off-market through a strong relationship with one of the largest investors in our town.

 Hey BiggerPockets family,I was just approved for an owner occupant, Fannie Mae, 5% down with a purchase price of $1.3 million for a 4plex in the Phoenix Metro of ArizonaMy middle FICO credit score is 759My current DTI debt to income ratio is 30%I have enough down payment, closing costs for the subject property, and enough liquid reserves for all 10 of my apartment buildings totaling 45 units in PHX Metro AZmy mortgage lender quoted me with a rate at 8.125% with me paying 0.156 points totaling $1,920My question is,does this 8.125% interest rate sound reasonable for an owner-occupied fourplex 5% down Fannie Mae conventional loan as of March 27th, 2024, at 1700 hours?

Property 1100 sqft, 3bed 2 bath in Spring Area , is making $1400 in rent20% down = 38kLoan Origination, Closing cost = 5kLoan is 7.8 % ( investment interest is little higher ) out of 152k ( 190-138 ) = $1100 / month ( use mortgage calculator on google to calculate )Now add insurance 1200 / yearTaxes 3300 / yearProperty manager 1200 / yearThis is additional $475 per month, bringing you to a total cost of $1575 this is without repair reserves.

Generally speaking in the U.S. many vices are legal (g*ns, dr*gs, patent trolls, frivolous litigation as extortion, closed hand combat, prej*dice) but evicting squatters is virtually impossible...just jk obvs.

You'll need a 580+ credit score, 3.5% down payment, closing costs (2-4% of purchase price depending on credit score and state), and a DTI of no more than 57%.

You'll only get into trouble by trying to guess on your own.Best thing to do is to hire a good General Contractor that has (preferably) decades of experience - no newbies or Handymen, Etc...They should be able to walk a property (< 1 hr) and give you a rough, but pretty close, price.

Some of the other people I would want on my team are contractors, insurance advisors, bankers, loan officers, asset protection attorney, business structure attorney, home inspectors, a closing attorney, and title company.