Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods.

That's usually a result of a lack of market knowledge or management plan.I am one of the gurus - so I hesitated to get involved in this thread.

Please get involved in the community discussion and once you reach 10 posts, you will be able to post deals in the dealmaking forum or classifieds areas.For more help, please review the forum rules.]http://www.biggerpockets.com/forumrules.html

He did not want to make the loan because the house is a one bedroom (but very nice) home and he considered it " odd'.

Is anyone here involved in these types of deals and possibly in the greater syracuse area?

When one of these tenants is a 'good tenant' which, more often than not, means they are little old ladies or men we do not raise them - OR - we raise them much less.Here is why...A successful full time investor in our area (who is involved with two of the REI clubs that we are members) argues that by keeping his rents down (by this we mean 80%-90% of market value) he minimizes turn-over, saving more money in the long run.He would say: look at vacancy costs, repairs, cleaning, advertising, opportunity costs, etc.

It's odd, I've had tenants with terrible "credit" who were the best tenants... and I've had them with 700+ scores who I was calling and mailing the 5th of every month, and had all types of trouble with.In either case, the best advice I can give, is when you finally end up with tenants, be TOUGH on them the 1st time they're late.

Jump in and get involved here on the site and you're bound to make some great partnerships and colleagues.

Anyone who is facing the threat of home foreclosure needs loss mitigation services or the short sale option to prevent this from happening.First line of DefenseSurprisingly, most homeowners and property owners are not aware of this term or the method involved with the process.

I hope that you decide to get involved in the community here, as in getting to know you, people would be more likely to work with you.See you around . . .