LOL Ill bet you all did it that read this book!

I'm not sure most mortgage co's are smart enough to do anything creative like that but it's worth a shot.BTW, in TX a first mortgage foreclosure CAN wipe out unpaid HOA dues, late charges and lawyer's fees.all cash

If that were the plan, why would one care about paying any principle anyway.In the event you were to get a Hard Money loan for this purpose, they are usually Interest Only to begin with because they are Short Term Loans.If you are planning such a short term project, the main thing to be aware of would be Pre-payment penalties.Be sure you get a loan that has none.What is pre-payment penalties and why do they charge that fee for?

I bet that would work :mrgreen:

That's why you charge them higher interest and make them prove they can pay rent for two years before the banks will trust them.

If you have a nicely maintained and upgraded property charge a premium.

They might have a means by which they can manage the property at a reasonable fee.Please note that which ever management agency you find they will charge you an extortionate fee to manage the property unless you lease it to a renter on a long term.In Houston you have many options.

Let's say a tenants asks the LLC to repair a broken deadbolt lock and it takes you 3-4 days to get around to it, and in the mean time someone breaks in and assaults your tenant, you could be charged with negligence towards the safety of your tenant--this is serious stuff.

In fact, I'd bet that the number is probably less than 40%.Most American millionaires (those with a net worth of more than $1,000,000) are "self made".

Even assuming they're charging $600 for labor on the door, that leaved $4K for the deck, or $40/square foot for labor and materials.