That down payment would have helped him a bit unless his credit is a real wreck.

The houses on the demo list are usually too far gone compared to what you can get in good condition for a relatively small price to make it worth buying a wreck of a demo house.Detroit will continue to have areas where the housing stock is just devastated.

My cheapest deal is a $500 free-and-clear 1200 soft 3/1...I sunk $18k making it sect 8 ready...I could have purchased two good foreclosures for that price and learned to limit my appetite for really wrecked properties.

Good wholesalers provide a valuable service and are worth their weight in gold, but these wannabes are not only wasting your time and money (you have to make mortgage payments, taxes, insurance while your property is tied up), but they could potentially wreck someone's credit and cost them a lot of money and grief if the seller blindly entered a sub2 deal with them.

Needless to say their first year of experience as "unexpected landlords" has jaded them (renter wrecked the place and skipped out leaving them with 2 weeks of work and $5000 worth of repairs).They owe 97K on the house, payments are $760/mo and were getting $1075/mo in rent.

It sounds like from what I am hearing that the PM does not have much incentive to not put in the best quality / most-likely-to-pay / least-likely-to-wreck tenants.

Carpets and laminate flooring get wrecked fast.  

So this deal fell in my lap out of nowhere, but it may be too much for a first timer.Sales price: $140kARV: $195k3/1 1160 sqfThe place is a wreck.

The greatest part about bp is get you get to check yourself before you wreck yourself:) Keep us posted.

I have never found a property that sells that low, no matter how bad of a wreck it is, even condemned building don't sell for that.