But I do have a great lender in the 1st position that will allow 100% CLTC and all their programs are: No Income Verification No Asset Verification No Debt Ratios Calculated No Seasoning or Tracking of Funds to Close No Prepayment Penalties No Reserve Requirements Low Fixed Rates w/Interest Only Payments So if you are a hard money lender...... not a broker and would like to discuss this further please e-mail me at [email protected]

Banks can turn around and through the Federal Reserve, leverage that money 9 times over...in other words, they can take your 200k in deposits and make $1.8M in loans from it.

I'd only do that to put it right back into another deal, to pay back your starting $20K, or to build your reserves.

Example: A landlord typically allows building residents to reserve the community room for activities such as birthday parties.

I put a unit on the market last Friday and today I took a non-refundable reservation fee (1/2 month rent) from a fully vetted applicant with a move in date of 3/22; I had completed applications from several other qualified applicants that also wanted the unit if the first guy didn't come through with the cash.

I also do not have much of cash reserves.

This is why you should save up a reserve fund to handle these things.

Welcome~ I did 6 active, 4 reserve, and my hubby is nudging up to 24 years in service. 

. $150k remaning on loan (had put down large down payment)Other debt: noneCash assets: have enough for down payment and reserves for above mentioned single familyCredit score: good (don't know the #)If anyone has ideas of how to approach acquiring the above mentioned property I'd greatly appreciate your thoughts.

Now you could just account for this in your reserves but I doubt anyone properly budgeted for material spikes of 2020/2021(I know I didn't).