Brian - 1 - If you find something you'd consider a Gem, be careful where you share it . . . even here!

Just too much fast talk, flashing fingers and sleight of hand, hidden words, etc.The fact that I couldn't find a house I was willing to pay even near the asking price for was what kept me from buying.

Remember that HOA is always a hidden expense that can skyrocket substantially if you don't check their reserves, how long it has been since the roof was replaced, possible special assessments for sewer lines / water utilities (especially for rural properties with private utility companies)I am a novice and almost made the mistake of investing in a condo in the Phoenix market with $300 cash flow after PITI, mgmt fee, & HOA.

i have purchased two properties at tax sale and here is what i have learned....RESEARCH, RESEARCH, RESEARCH...every so often you will come by a real gem but ask why this house is going into tax reversion...you will find there is generally a GOOD reason why the owner just stopped paying taxes.

I looked into salesforce and it sounded right up my alley until i found out about all the hidden charges.

I've found the best gems of wisdom have come from true life stories here on BP.Good luck with the profile picture & we're all looking forward to hearing more about holding RE in Plano, Texas!

Greg's profile is incomplete and hidden, so no idea where he is.

Since a septic problem may be hidden, and the repair expensive, is it better just to avoid these properties altogether?

The inside turned out to be a little 1950's gem with a lot of nice finished wood while the outside is ho-hum.This is a low income neighborhood with some recent burglaries.

Here's was my Pre-Purchase Checklist when I first started:Upon Contract AcceptanceEnsure Access to Property: * Make Copy of Property Key(s) * Purchase New Lockbox * Place Key(s) in Lockbox and Install at Property (hidden)If Certified Funds are Required for EM: * Get Certified Funds for EM from Bank * Submit Certified Funds to AgentIf Financing the Purchase: * Send Contract to Loan Officer * Provide Loan Officer Property Info * Connect Loan Officer with RE Agent Info * Have Loan Officer Schedule Appraisal * Make sure Loan Officer Knows Anticipated Closing DateDue DiligenceInspections: * Turn On Utilities for Inspection (water, gas, electric) * Schedule Termite Inspection * Schedule Property Inspection * Attend Inspection and Take Notes for “Scope of Work” * Get Final Inspection Report and Review for “Scope of Work” * Get Termite Letter/Pest Inspection ReportContractor Prep: * Create Scope of Work * Create Materials List * Determine Which Contractors Are Needed: * GC * HVAC * Roofer * Electrician * Plumber * Pest/Termite Control * Painter * Landscaper * Carpenter * Schedule GC Walk-Through(s) * Get Contractor QuotesPurchase Decision: * Perform Final Financial Analysis Using Estimates/Quotes * Perform Both Flip and Rental Analysis * Make Go/No-Go Decision on PurchaseUpon Contingency FinalizationFinal Purchase Prep: * Get Closing Date from Lender/Agent * Arrange Landlord Insurance Policy * If Financing, Connect Insurance Agent with Loan Officer * Follow-Up on Appraisal with Lender * Choose a General Contractor * Choose Sub-Contractors (if no GC) * Determine Exit Strategy * Create Rehab Schedule (if no GC) * Create Final BudgetPrior to ClosingFinal Loan and Closing Prep: * Obtain and Review HUD-1 * Obtain and Review GFE (if financing) * Ensure Loan is Ready for Closing (if financing) * Get Certified Funds for Closing * Determine How to Hold Title * Get Partnership Agreement Documents Signed (if partnering)Upon ClosingDay of Closing: * Get Keys * Change Property Tax Records to Home Address * Get GC and Sub Contracts/Docs Signed * Arrange GC and Sub Start Dates