I originally became involved in REI through my step-father who is a pretty successful rental property investor.

I am a single father and has lived here in San Jose California all my life.

The water heater is new, and the furnace is older but my father (a contracor and also a landlord) inspected it and said it should last at least a few years.He is asking $31,900.

I plan on leasing the property.The down payment is being funded by my partner (father) and I will be funding appliances and whatever random fixes or improvements the property will need before and during lease.I am meeting with a lawyer later this week to setup an entity.I need help understanding how purchasing a home through a entity works.

My wife and I are looking in to buying our first home (we currently live with her father) and have heard that a forclosure would be our best bet for a good deal.

Saturday morning my father and I will be inspecting everyone's apartment and changing everyone's batteries in their smoke detectors.We will be checking EVERY room.

My father in law had Section 8 tenants that were deadly to his properties.

My father can do or coordinate all the repairs himself.There is an HOA fee of $64/Mo for a pool and clubhouse.I'm looking at 68% * $249,900 (low end FMV) - $10,000 repairs = $159,93270% * $249,900 (low end FMV) - $10,000 repairs = $164,930Although my agent might think it is too low (she tried to get me to go in w/ $180K but I stuck to my guns :protest: ) , I'm going with everyone's advice on here.I am starting my offer at $156,475 and will work up to $165,000 max.My realtor is having me get a Pre Approval for $157,000 (already have one for $200,000) and a $2000 Good Faith check to strengthen the offer.Using Wheatie's spreadsheet he used for another person ( I hope that is ok :lol: ), I came up with this:2 year Rehab worst case$165,000 Purchase Price $3300 2.00% Purchase Closing costs $19,200 5.75% Interest $4,200 Holding costs (24 Months of mortgage principal payments, right?)

I am now at a point where the fear and laziness have gone away, yet my financial situation has stayed the same ($0) ;)I have a friend that through some unfortunate situations (father died in 9/11 and mother recently passed away) has come into a large amount on money (just under $2M).

Bob Parsons, founder of GoDaddy said his father told him "They can't eat you." when he had doubts early on starting his first company.