Since you have 6 months to complete this process (this allows time for rehab, if desired), of course the interest rate may fluctuate a little bit, depending on market conditions, but there is not an intrinsic "1-2% higher" that I'm aware of.

I know the market pretty well and do most all repairs myself.

And you can get really lucky with market cycles and while you maybe let a couple million go from your profit there's still a lot of upside and developers could still make millions and call the project a win. 

Matt, definitely add Detroit to your list of markets to check out.

off market single family with good zoning How did you finance this deal?

off market. self-representedd How did you finance this deal?

Welcome to A Skeptical Dude’s Take on Real Estate: a frank, hopefully insightful, dive into real estate and financial markets.

The Philly market is pretty good for these kinds of renovations. 

However, market manipulation has presented a couple of opportunities to me since 2009, so I've ended up with more than I expected. 

I found a cumbersome solution via Pricelabs but I think we're just going to eat the difference in cost to ensure our team stays happy (we're in a mountain market and finding A players is extremely difficult).