(I told him we have other options, but I would rather that he gets to make the profit instead of the bank.)

So I plan on going with the FHA 3.5% down and hopefully going for something in the 3-400k range in a neighborhood like back of the yards, mt greenwood, south shore but also open to other options.

So there are several good options here in the Ohio market. 

• Purchased directly from a mom-and-pop operator off-market• Secured $1M credit union loan and raised $500K equity to close• Existing owner had inflated expenses and below market rents• In-place rents approximately 30% under market at purchase• Expense ratio at least 10% above the norm How did you find this deal and how did you negotiate it?

Seeing a lot of success when people have an unemotional optionality for the project and simply run the numbers when the project is complete - put it on the market for sale and for rent and then plug it into a pretty basic spreadsheet!

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Going to be very different cash-out refi options depending on the type of building/tenants

The rent is less but compared to the expenditure it’s a much better option in my situation.

Utilizing their favorable financing relationships to then secure a ~$1M loan from a local credit union.

I know of some options where you can go to non-traditional lenders and use a DSCR (debt service coverage ratio) loans and you may be able to leverage that money and not have to rely on your credit to get approved.