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I would say get it under contract with a contingency to leave upon your inspection

Look at the guys books, figure out your financing to see what you'd be paying for mortgage, taxes, maintenance, etc. etc.. If everything looks like it would make for a positive cashflow, scoop it up. If not, bail out.

By the way, can you really get a positive cashflow with only 4 units rented? With 4k for all 6 rented it seems hard to believe you'd get a positve cashflow with only 2/3 of that coming in with a 375,000 mortgage and $5,400 in taxes per year, not including the other stuff

In my area the ratio's between gross income and purchase price are WAY better than that

By the way, if you get it under contract to check it out further...make sure u get some1 in there to check that gas leak. Also make sure there aren't other repairs that your overlooking. Spending $300 for a contractor would be a very wise choice in my opinion

I'm only 20 years old at the moment, so I haven't had enough time to get a really good credit score just because of that. I've never had any late or missed payments and pay over the minimum every time...pretty much i'm doing everything right. I got my FICO in July and it was a 674 which isn't HORRIBLE, but I want it alot higher so I can get a good rate for my first real estate deal

Anyway..I heard that for people like me, I could get authorized under some1 else's credit card and I would automatically pick up their years of credit. For example my dad has good credit and I'd be able to get authorized as a user under his credit card and therefore pick up all his years of credit history

Anybody know of this is true? If so, how would I go about doing that? Just having him call the credit card agency?

I got that from going on foreclosures.com and looking up the community information

For most of the towns around here it was around 13-14% vacancy so I just madei t 15 to go on the safe side when doing the numbers...I dunno tho i'd have to check with some realtors around here though to get better numbers

Anyway, I'll try to find the tax office around here...thanks!

What are some of the guidelines I should follow when trying to figure out if a deal is good or not?

Say for example i'm getting $2000/month gross from a 4 unit in my area (it's cheap around here)

That house would probably cost around $120,000, which makes about an $860 per month payment for mortgage with 0% down

What are some of the percentages I should be subtracting to get a rough estimate of the house?

All I know is 7-10% for a property management company and about 15% vacancy rate. For taxes, insurance, repairs, etc....NO IDEA

Can anybody give me a general guideline to follow?

ooo ok lol...yea he asked what office I needed to be at

Talk to ya in 2 minutes

Edit - Now it's busy haha

I just called and they said there's no1 there with the name Phil Altieri lol...

Paltieri,

I might be interested in your programs as well - you seem to have some pretty great options

I might give you a call tomorrow or Friday...I have a few questions for ya :)