Ask for references, portfolios, and compare quotes.

I guess the demand was pretty high and I probably could have gotten $1100, even though that would have been more than others were asking for comparable places.

Compare apples to apples and get the best deal.

If your database doesn't have it, request "Sold Listing Comparables" directly from your realtor.

This offers better flexibility in terms of ltv and rates/cost as compared to a true no doc.Of course these loans are for properties that are in at least average habitable condition.

However, viewing it from my side a year ago - I was taking into consideration that I paid retail for my first 2 rental properties so this was putting me ahead of the game when compared relative to those (as an aside, those retail purchases have worked out just fine for me).

In fact, our closings are also Construction Draw #1, and all borrower pre-paid items (architectural, survey, engineering, etc.) are drawn down at this stage and either credited to borrower equity requirements, or paid to the borrower.New Construction/Substantial Rehabilitation Insured Loan Program offers more favorable terms than traditional two-step construction and permanent financing.

This concept would be ok if you had access to real private money or had the knowledge to set up such a program as the traditional hard money lenders this would be too commercial in their requirements for this to work.

If you are planning on selling the property you should consider the return on investment of making an additional $99,000 ($3,000 x 33 units) investment in your property.In a traditional marketplace, you figure the value of the property like this.Property Value = NOI / Cap RateYou can also figure the increase in value the same wayProperty Value Increase = Increase in NOI / Cap RateI don't know what the average cap rate is in your area, so I'll just use 6% as an example.Your increase in NOI = $100 a month per unit * 33 units * 12 months = $39,600So the property value increase would be $39,000 / .06 (6% cap rate) = $660,000Likewise, a 4% cap rate would be a $990,000 push in value and 8% would be $495,000.Note: that's not a guarantee that you will sell it for that much more, it just means that if your property sells like others in your area have been selling, you should be able to get that much more.Back to your return on investment.

I would be more then happy to answer your questions, but not 30 emails at a time....LOL How does it compare to other types of investing?