Most PM companies have a requirement where the tenants income needs to be 3x the rent per month.There’s more to it than that - but it’s a lot to type out.It’s a popular strategy for those looking to get into STR/MTR and can’t afford or can’t qualify to purchase a home themselves. 

Looking at multi family in mt pleasant and I’m seeing all over online crime rate is very high but agents and PM’s saying the area isn’t bad.

I talk to developers all over the us and most of what you have would pass my initial screening to move forward. then it would go to sponsor experience, liquidity, construction experience, site location and site reports, entitlements, construction partners, etc to clear all the conditions. make sure you have a plan to purchase all the fixtures we passed on that. not sure about hotel financing of beds, desks, etc 

@Ramiro Rodriguez, a 1031 exchange is only for the sale and purchase of investment property as @Basit Siddiqi said. 

I will need to finance most of the purchase, but if my numbers are correct, it would still generate cash flow even with 100% financing.

Purchase price: $1,500,000 looking into property purchase, will purchase within 3-6 months

Hey Julian, As others mentioned, DSCR loans will be underwritten based off of the appraised value or cost basis (purchase price + documented rehabs) depending on seasoning period when you are looking to refi.

For example, 1000sq ft to purchase the HVAC it would run about $2,000 plus labor.

I purchased a $280k fourplex and it changed my life. ** Your results may differ.

Don't be scared to ask some hard questions and dive into what they need.I will wrap this up with three more examples of purchases in 2024.Last month I bought another mobile home park with nothing down, decent interest, and a ten-year balloon.