The question I want to throw back at you is this: No snow removal company is willing to perform the services or the fees they propose are higher than you would like to pay?

You want to perform the value add where it can add significant value.  

There are some coastal markets that boost these numbers, but there are 70% more condo sellers than condo buyers at the moment.

I never had an outside recruitment firm, but I cannot believe it performed this bad. 

I’ve been actively involved in buying and selling real estate notes and have been learning a lot about creative ways to invest in mortgage notes — both performing and non-performing.I’m curious — who here has experience with note investing?

The question you should be asking: How do I prevent premises liability claims, avoid construction or title defects, landlord/tenant disputes & payment and performance disputes with contractors/vendors.

Otherwise the towns in the area have some pretty reasonably priced homes that seem to perform well relative to price. 

None of the deals I’m in with those folks are performing as projected.

Owning land upfront boosts LTV, saving 10-20% down, but permit delays and 15% overruns on one build highlight the need for contingencies.LTC Ratios: 70-80% LTC, up to 95% LTV if land owned; one dev secured 80% on a $300k build.Holding/Closing Costs: Included in initial draws (up to 10% budget, ~$20-30k); a builder rolled $8k closing + 3 months holding into a $250k loan.Points: 1-2 upfront, minimal backend (1-3% total); a $400k spec home paid 1.5 points ($6k).Creative Structures: 80/20 JVs (8-12% pref, then 50/50 at 40% IRR) sold 16 duplexes; seller-financed land (10% down, 20-year note) saved on a $80k lot.

In particular, I'd like to know which has performed better for you personally in terms of annual cashflow, and which you would recommend to a beginning investor?