They would fund 70% arv I would need to pay 4 points, origination fee, closing cost and 1 year of Insurance up front. they do a 1 year term and I would need 6 mo. to refi into a traditional loan, then I would have to pay origination fees all over again with the traditional lender.

Ashley is a local real estate agent here in Central Florida and I work as an underwriter for an insurance company, so neither of us are full time investors…yet.

Income is $45,600/YearExpenses is $24,680(Taxes, Insurance, Utilities, reserves for vacancies and repair)So NOI is $20,920.After Mortgage is paid I have a seamingly attractive Cash Flow of $355, that's $177.45 per door!!

Let’s Go to the Numbers I can provide more detail if necessary 10 Year Future Projections Mortgage Payment226,943.45based on current monthly paymentsRepairs78,000.00Based on projected work (today $)Annual Expenses54,700.00Based on current yearly expenses (taxes insurance included in this)Total Expenses359,643.45Project Rent259,440.00Based on current rent (no increase) (6% vacancy)Total Mess:-100,203.45I will be negative10 Year PastMortgage Payment207,600.00Not actual but closeRepairs24,000.00Not actual but very closeAnnual Expenses56,400.00Based on past year so may be a little lessTotal Expenses288,000.00 Rent117,300.00Not actual but very closeTotal Mess- 170,700.00What I already have into this place

After deductions for management of 5% (seems low), vacancy rate of 6% (100% occupied now), 14% for maintenance to units, $195 monthly HOA condominium fee for all exterior grounds, parking and h20, sewer, insurance, pool, trash etc.

TiffanyBiggest issue is title insurance.

Annual numbers assumed (3k taxes, 4k maintenance, 1k insurance, 3k for PM/admin fees).

If payments are slow or in default the examination can go deeper.Then if it's discovered that you misrepresented things, you could have problems.It's irrelevant if you know of someone who lied on a mortgage/loan application or if you know someone who says they know someone who did, or the amount you put down, or good intentions, knowingly presenting false information or obtaining a loan by deceiving an insured lender is a felony.I suggest you seek other financing options, with your down payment there should be seller financing options available, partner with another, if you have a retirement account you might be able to change accounts and borrow from yourself, seek private investors, do an installment deal like an option to be financed in the future in 3 or 5 years later.

TX has a great economy right now but also have some of the highest property taxes and homeowners insurance rates in the country.

Even if it is paid off, you still have taxes, insurance, utilities, lawn care, etc.