This supersedes the typical pre-approval letter and again taking cash out of the current home can help offer another aggressive step in a larger Earnest money deposit.She can use a bridge loan, Cash out refinance , Heloc, or Heloan (2nd to avoid touching a low first rate).

That being said, a standard chicago lot at 25'x125' = 3,125 sq.ft. would (commonly) only allow for 1 residential unit (3,125/2,500 = 1.25 = 1 unit).The Zoning Map Amendment (Zoning Change) to RT-4 would allow for Multi-Unit residential construction and only requires 1,000 sq.ft. of lot area poer residential unit (3,125/1,000 = 3.125 = 3 units).

@Michael Nelson a refinance is an exit in a similar way that a sale would be and typically your note with your HML would stipulate that upon any sort of "exit" where another lender takes 1st position and owns the note or a seller buys it that they would need to be paid in full as the current 1st position lien holder.

But since you are experienced you know that rates go up and down but property values typically just go up.

But new construction stands do have the same benefits  no matter where you are.Have you done any research into the build to rent market yet?

In Detroit, the landlord is typically held responsible for meter damages.Depending on your PMCs lease, you may be able to hold the tenants liable, just like any other damage, even if they didn't directly cause the damage.

As you can tell already, there's great engagement on this platform whether the feedback is good or perhaps constructive criticism, it's to help you get better.

We typically do not rely on many of our opportunities coming from wholesalers, but that's not to say we're not occasionally interested in something they have to offer.In addition to scouring our farm area while we drive around to and from our properties, and looking at aged(100 day+) listings and new low priced distressed condition listings on the MLS, which is where many of our deals come from, we reach out to local agents in the area we're looking to invest and let them know we pay cash.

This is meant as constructive criticism Luis...do yourself a great favor and network with other investors.

At a typical closing in Georgia, the only lawyer involved technically represents the lender.