Fat chance.There are a lot of people that have REI in Phoenix, and I'm sure they're not buying on this 2% rule.

Get it for less if you can. In

You need to make sure that you are buying at a high enough cap rate that you have some fat in the deal to tide you over if vacancy rises.  

Thanks everyone, I'll definitely read up as much as I can. In

READ BLOG HERE The area (44108) that this apartment building was in got a big fat F on my Blog.

Get all you can in a savings account so you can pounce on the great deal you find in 6 months. 

The bank initially pre-qualified them for the loan but then, when it went to underwriting, it was a big fat no because of the no history. 

A good rental reference or two would put my mind to ease, that and of course a fat security deposit.

Originally posted by @Nicolas Beaujean:@Jay HinrichsLOL, two hours ago I didn't like you-now I do hang around BP long enough and you too will be offered a 20mil loan at 3% and you dont even have to make payments.Just have to send 25k to buy an insurance policy that the lender will be repaid  :)  you Render Fat  not loans !!!

Phillip Gonzales I know nothing about you other than what you have divulged in your message here but to me this is the same no-win situation as when a woman asks "does this make me look fat?"