I had a customer reach out this week asking about help to buy an RV Park for $6M but the problem I ran into was he did not own a primary or investment rental yet and wanted to jump straight into a commercial deal.

Check out the Springfield Area Landlords Association (SALA)

These posts were not mentioning any specific time or place, only that they are local and to check out their website.

Rentometer’s solid for a quick pulse check, especially in areas where rental comps are scattered.

The information contained in this post is not to be relied upon.

But here’s the key piece: how you finance it does affect your lending profile.If you take out a contractor loan (often unsecured or high-interest), that monthly payment shows up on your credit report as another liability.

Check out this chart: FICO Score Pct of Population Default Probability 800 or more 13.00% 1.00% 750-799 27.00% 1.00% 700-749 18.00% 4.40% 650-699 15.00% 8.90% 600-649 12.00% 15.80% 550-599 8.00% 22.50% 500-549 5.00% 28.40% Less than 499 2.00% 41.00% Source: Fair Isaac CompanyMake sure you understand the Class of properties you are looking at and the corresponding results to expect.Metro Detroit has 132 cities, the City of Detroit 183 Neighborhoods, which we’re analyzing and classifying.

You might leave more deals but you are leaving with your bank roll intact.There are still good deals out there and even some that wholesalers bring you if you have a quality wholesaler but there are more mad deals than there were even a year ago. 

I am open to any advice, contacts or information you might have as I step into this new market for the first time. 

I am over them and can't do this anymore.