Deal points are as follows:2 separate properties both in N California61 unit park with 11 park owned homeslarge club house, common areas and homes really good condition40 unit park good condition but very small town 7 park owned homes.90% occupancy currentlyCurrently both gross income 504k annually I have in contract at 3.5 million owner is willing to carry a 1st at 5.5% over 30 years if I put down 30%.

She will also carry the note with no down payment, and no interest.

I carried this philosophy through to my wholesaling business.

I had a friend who recently lost out on a business opportunity because he had no assets to leverage and secure with a mortgage, even though the business venture is sound and profitable from day one...and he was putting 20% into the business himself and getting 10% carried by the seller.

If your purchase plus rehab costs end up at 70% ARV and you get an HML for that amount at 14% interest with 3 points and interest-only payments until sale and you carry the property for six months, your numbers play out this way:Loan Amt: $88,200Carrying Costs (w/o Loan): 1% ARV x 6 = $7,560 (this may be high)Points and Interest (3% + 7%): $8,820You end up losing $16,380 of your margin to financing and carrying costs.You should end up with around $20k in profit depending on actual rehab costs, holding time and closing costs.

To carry the analogy further, fire departments are usually better positioned to engage in various prophylactic measures as well: inspections, prevention, education.  

Try to find a seller willing to carry the loan or maybe give you a lease option which you can in turn lease/option to someone else, creating a "sandwich."

From paying over list price, 100% owner carry, delaying payments 10 years to a list of other crazy deals, that ultimately got investors deals.What was your last deal?

Seller financing might be an option- have them carry the note until it's fixed up enough to qualify for a conventional loan. 

After Repair Value: $130,000Closing Costs at time of purchase: $2929Monthly Holding Costs: $1,370Interest Payments: $570Property Taxes: $620Electricity: $50Water: $30Insurance $100Number of months holding costs: 9Total carrying costs: $21,889Repairs $47,242 + 10% Contingency = $51,966 TASK UNIT Materials Needed Line Item Cost Asphalt Shingles Per Square 20 $4,400.00 Aluminum Gutter Per LF 150 $675.00 Pressure Wash Per House 1 $150.00 Vinyl Siding Per Square 1 $265.00 Paint Exterior Per Floor SF 100 $137.50 Lawn Maintenance Per 1/4 Acre 2 $70.00 Trim Bushes Per Yard 3 $120.00 Remove Tree Per Tree $1,000.00 Fix Foundation Wall Per LF 60 $9,000.00 Roll-Off Dumpster Dumpster 1 $350.00 Full Demo Per SF 2400 $960.00 Service Call Per Hour 8 $680.00 Natural Gas Hot Water Heater - 50 Gallon Per House 1 $710.00 Replace All Supply Lines Per Fixture 5 $1,000.00 Install/Replace Tub Per Tub 1 $350.00 Build Tile Shower Per SF 70 $1,365.00 Kitchen Sink Per Sink 1 $120.00 Bathroom Sink Per Sink 2 $140.00 Kitchen Faucet Per Sink 1 $90.00 Bathroom Faucet Per Sink 2 $140.00 Trim Kit Only Per Tub 1 $130.00 Install/Replace Toilet Per Toilet 2 $340.00 Install Dishwasher Per House 1 $430.00 Install Can Light Per Can 10 $650.00 Replace Furnace Per Unit 1 $1,100.00 Loose-Fill Insulation Per SF 100 $100.00 Wall Board Per SF 1000 $1,160.00 Exterior Door Per Door 1 $800.00 Interior Door Per Door 10 $1,700.00 Replace Window Per Window 10 $2,000.00 Repaint Per Floor SF 1400 $3,150.00 Install Kitchen Cabinets Per linear inch 240 $2,040.00 25" Vanity Per Vanity 2 $300.00 Granite Countertops Per SF 50 $1,600.00 Install Carpet/Pad Per SY 45 $180.00 Carpet+Pad Material Per SF 400 $700.00 Install Laminate Wood Per SF 1300 $3,250.00 Install Tile Per SF 100 $550.00 Permits Per House 1 $200.00 Refrigerator Per Appliance 1 $1,100.00 Range Per Appliance 1 $900.00 Dishwasher Per Appliance 1 $700.00 Microwave Per Appliance 1 $440.00 Washer/Dryer Set Per Set 1 $2,000.00 Commission to Realtor at time of Sale 7% - $9,100Offer Price: $32,000 Potential Profit: $23,044