This is just the latest in an arduous process, to find the deal under market value on the land, rezone it to multifamily district (long and costly process), permit a six suite rental (difficult with many technical fire code and structural engineering challenges), build the units (using all my experience in home building and every possible favour and technique learned over the years to project manage), get financing to finish construction (from a private lender after the bank lenders totally dried up on this type of financing), and pre lease the units while under construction to quality tenants.  

Let’s say the lender provides the borrower with the options below for a $500K loan. 9.99% and 1% $4,162.50/month and $5,000 upfront 10.99% and 0.5% $4,579.17/month and $2,500 upfront 11.99% and 0% $4,995.83/month and $0 upfront See the breakdown of the total fees the borrower would pay in the table below.

I totally disagree with several of the points you tried to make.

The subfloor main level was unusable and It was sight unseen....total gut job $100k rehab.

He said that the only people asking for Series LLC's are "younger people" who have read some stuff online...Why would the real estate "Big Boys" not use Series?

I hired a PM to find a tenant for one of my properties which has become vacant.Their agency has a lot of good online reviews and when I interviewed them, I was impressed with their professionalism.He has just now emailed me saying he has a client wanting to buy my property for 150k.I was a bit baffled because last I checked it was worth around 450k.

You can find this online, or at the town hall

It allows you to diversify into a portfolio of homes as opposed to putting all of your proverbial eggs in one basket.Be cautious tho as over the years I have witnessed countless investors buying properties in crappy areas, for more than they are worth and being passed on to crappy property management that nickel and dimes them to death (I guess all of those 15% "awesome" paper cap rates and promises of financial freedom aren't that awesome after all...)This is not just true for real estate deals but life in general (Your "piece of paper" degree does't necessarily dictate success in your chosen profession or your business)Real life experience is different to what any "piece of paper" says.In all reality guys it takes time to build financial freedom, and the more you can diversify your risk across multiple properties in your portfolio the less risk you bear in the long run.I may not be the smartest Aussie you have ever met, however I do understand a few basic rules that I follow on every acquisition I make.Strength in numbers, cash only, patience, and discipline.Let's talk about Strength first.Price point plays a big part of "strength in numbers" as it is safer to acquire 5 homes for a total of $350,000 as opposed to one for $350,000.What happens if "that one" property goes untenanted for 5 months?

@Roy WhiteHere in North Carolina attorneys do contracts because we don't use title companies.Rental companies will also have rental contracts.If you get one online or from a friend, for example, just be sure everything in it is legal in your state.Good luck!

Single-family home sales fell 5.8 percent year-over-year, with 6,548 units sold;Days on Market (DOM) for single-family homes was 52 days;Total property sales declined 4.4 percent, with 7,842 units sold;Total dollar volume was down 3.5 percent to $2.2 billion;The single-family home median price edged up 0.2 percent to $232,500, a September high;The single-family home average price also achieved a September record, rising 1.7 percent to $295,765;Single-family homes months of inventory was at a 4.0-months supply, up fractionally from 3.9 months last September and slightly below the national supply of 4.3 months reported by NAR;Townhome/condominium sales fell 6.1 percent, with the average price down 6.6 percent to $191,967 and the median price unchanged at $159,450;Leases of single-family homes dropped 35.4 percent with the average rent down 4.0 percent to $1,812;Volume of townhome/condominium leases plunged 44.5 percent with the average rent down 1.0 percent to $1,584.https://www.har.com/content/newsroom?