First, you need to build up a solid relationship with a hard money lender ahead of time so you can hit the ground running. 

Im trying to buy a home that will allow me to make enough cash flow so I can then buy higher quality homes in the future and build up my portfolio of properties.

A good deal.Price was low, cash flow was high - but as i already had bought two units this year i had not build up too much Equity so i was not able to find 30 procent free cash....But i could not forget those two units...I believe i read somewere in this site on some of the good rules when you buy properties;If you cannot find the free cash there might be something Else you have that the seller would like to have....from you instead of cashIf there is something you really want to have... you might have to give something Else up... to get what your goal is...To make this deal happen -and as i did not have the free cash - i started thinking of what did i have - with value - and i was willing to Trade in this deal...I ended up trading in my lovely BMW :o) :o)The point is, that if i did not read these posts on this site - i would never had got the idea of Trade my car into a property deal.

Plus...escape velocity...Episode 113 – Jay Papasan - Very practical slow and steady adviceEpisode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Plus...escape velocity...Episode 113 – Jay Papasan - Very practical slow and steady adviceEpisode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

That being said depending upon how far off your numbers are from the asking price, you may not want to spend the time building that packet right away (and of then again maybe you do), and instead start a conversation to build up that relationship and maybe find out what the sellers motivation is.Good Luck,Paul MondaWaco, TX

Plus...escape velocity...Episode 113 – Jay Papasan - Very practical slow and steady adviceEpisode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Plus...escape velocity...Episode 113 – Jay Papasan - Very practical slow and steady adviceEpisode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Plus...escape velocity...Episode 113 – Jay Papasan - Very practical slow and steady adviceEpisode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Near Covington, WA in King County, 8 Beds, 4 bath, coin operated laundry.