In 2012 I also started investing in some spec home construction which has gone well so far. 2014 will kick off a large project (at least for me).

As many of you know, we are in Orange County, CA, and build new, spec construction.

My goal for 2014 is to buy/renovate four to five homes and buy and hold at least two additional rental properties.Currently, I'm a full time Federal worker (I write contracts) but my roots are in construction.

Based on that information, you can adjust your term sheet strategy accordingly.

So I lucked out he has the construction background and the licenses to help out on the buy and sell portion of the deal.

I don't know what city inspection issues you're concerned about, but if you're worried about code violations and/or illegal construction, make sure you get those concerns addressed during your home inspection contingency period.

Any new construction close by?

Doing it as a owner-builder gave plenty of practical experience in managing a non-trivial construction process.Last year, we acquired one more condo in the neighborhood and have been gaining experience with land-lording as well.My background is in Computer Science and have been working full time as Software Engineer for about 20 years.I am interested in networking with fellow investors/tradesmen, especially who are active in our area (Culver City/West Los Angeles).Thanks and wish you all a very happy new year.Coty

I found one that lends at the following terms: Interest Rate: 5-year FHLB + 3.00%, floor or 5.95% Adjusts every 5 yearsNo cap on rate adjustment (Note: Seems scary)Maturity: 20 yearsRequire 30% down.No prepayment penaltyI am wondering if anyone knows what has been the historical 5-year FHLB rate and any predictions on what it might be in 5, 10, and 15 years since the rate adjusts every 5 years.The no cap on rate adjustments is the scary part, but I guess I could prepay the loan if the rate goes crazy high.Does this look like a good options to secure long term financing if I've hit my 10 Fannie Mae loans already?

Every time there is a change is the tenant's income up or down, their portion of the rent is adjusted accordingly.