If your mortgage rate is lower than what you could get today then completing a refi where you borrow more money at a higher interest rate and incur closing costs on the refi could cause the beach house to be even more negative as an investment.

Step 2 is to check the county court in six months and see if it looks like they're getting close to foreclosure on any lien you have an interest in owning.

The high estimate should never happen because everything would have to go wrong and I would have to manage the project poorly but if it still makes money or breaks even or close I feel secure.

I do not know if any of the closing costs or construction expenses make their way to the working partner (e.g., if they're the selling agent or own the construction company, etc.)If all estimates go to plan, then the 55% net profit should provide an 18% annualized ROI for the $1M, but likely lower.

Most investors I deal with are happy to pay a little more for the expediting loan process to get it closed fast if need be- so as to not lost a great property deal.

Hello, I'm about to close on a BRRRR and I don't have any underwriting spreadsheet for a hard money loan into a conventional refinance after the Rehab. 

If you really think you've found a great deal that might go fast, you can always put in an offer contingent to any defects you might find, and between the offer date and close date do complete due diligence.

This is how most hard money works now Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

And closing is 2 weeks from tomorrow.

As a listing broker, do you hold the responsibility of reviewing closing settlement statements or can this be done by a salesperson?