Oscar Haselden with Foundation Mortgage did a great job on the 203K loan.

Specifically about the Job and Population growth, Vacancy rates, New building trends and general health of the Multifamily sector in NM.

(the down payment is completely relevant to the seller)Interest- 7% is pretty standard...it's a premium paid for consideration in carrying the noteAmortization- 30-years is typicalPayment- I would look for the actual P&I based on the amortization schedule, but again, this is relative to the sellerBalloon- 48-60 months is common, and this is completely up to the seller as well (If sellers are leary of the time frame, I always agree to attempt a re-finance sooner...but no guarantees)Some extras:I always pay the listing agent's commision based on the transaction price...otherwise, you can structure a partial commission the first closing and a second commission when the balloon is due...waiting 48-months for the rest of your commission is crazy, thoughWe pay all the doc prep fees (note/mortgage/amortization/assignments/personal guaranty) Typically around $300, so not bad.- use the attorney at title and add it to the HUD-1We use a clause in the note that waives the right to defend a foreclosure in default, so the property returns to the seller without contest (varies from state to state I imagine)We also pay the sellers closing costsAll of this stuff is negotiable...you can always push things with these...like lower the down payment and have the buyer pay all your clients fees and your commission, etc.Give me a shout if you want to chat more about this topic.

@Joe Garvin Loving the subtle beach theme of the unit, and great job getting to where you are now in 6 months!

your post is another reason to Hire a Property Manager, they know what to do and how to follow it through according to the law, the Laws are changing quite rapidly its hard to stay current, thats what a PM is for its there job to stay current.

Like many of you, I’ve put in the hours and years at my day job, saved, done the right things, and realized that I need to be doing more than relying on stocks and 401(k)s (I’m not a fan of mutual funds).

Basically, they keep 25% of the equity, and in turn, they receive a 25% payment of the NOI on whatever schedule you agree upon.

If I should come across some new information or ideas that might be relevant, would it be possible for me to get back on your schedule for a brief followup chat?"

We are looking to relocate to another city and state for more job opportunities.

Indianapolis has done an excellent job of redevelopment and investing in infra structure pumping nearly $10 billion dollars in a mix of public/private redevelopment.