@Devin Scott have your friend call a mortgage broker and explain his living situation.

They'll offer interest only payments in 1 year, 2 year and 4 year options with rates going from 8.5% - 12%.  3 points is pretty standard for a deal that small UNLESS a broker wants to hack off a half a point or so to help out a first time investor who they believe in and want to work with long term.As far as all those lenders throwing money at you haha One of the biggest problems I see is loan officers wasting peoples time by acting so stoked on every deal they hear about and taking investors into the process without doing DUE DILLIGENCE. 

I made that choice because I know the broker well and have a TON of respect for her.In my opinion, you want a brokerage that will invest in helping you to build your business. 

I was a realtor mortgage broker business owner and a real estate investor over 10 years ago.

Originally posted by @Carlos Zapata:@Shiloh Lundahl , my JOb is been a Realtor and a Wholesaler,  I know, it is in the same industry but I love making active income and invest for long-term passive  income,  first, I got some SFH, rented on section 8,  but now selling them and with a goal of acquiring my first Mobiel home park.Been an agent is really great because I do not sell houses, I sell homes, all my clients and now my friends, some of them are already  interesting on investing on RE as passive investors I think for the reasons above those that aschew being a realtor and think being a wholesaler is the way to go really miss out on the actual long term benefits of being a broker.. 

I've used Al Pirro, nice guy, seems thorough and like to talk to his customers. https://www.zillow.com/profile/alpirro/

I learned how to analyze large scale apartment buildings...build relationships with brokers and owners and investors....how to ask the right questions...how to write AGGRESSIVE offers.

Calling all current and former Real Estate Agents / Brokers!

I have a broker who claims he was on the phone for 2 weeks trying to find a lender who would fund the deal.

This is a 12% Cap place according to the Broker.