Many will argue with me on these numbers but unless I am buying beach front or office towers in Manhattan this is my strategy and its worked for me to make my 1st million.

http://www.investopedia.com/articles/pf/07/refinancing_mortgage.asp#axzz2H8V7K2FBI built an amortization table to corroborate his "net worth" numbers but there are 2 conceptual issues I need further elaboration on.1.

I second the two groups Matthew Owens heads up (Manhattan Beach and Long Beach)....If David C is who I think he is, he helps with the Manhattan beach FIBI Group.

I am a real estate investor based in Manhattan.

OTOH, if you have a payment on a million dollar condo in Manhattan and live an expensive lifestyle, you'll need a lot more.Making 10% cash on cash on rentals is doing pretty good. 15% would be really good on a large portfolio.

The good thing about losing my low rent apartment in the upper manhattan section of NYC was being determined to buy a property and get started on RE inventing.

@Jay HinrichsYes, I usually make it down to the Manhattan Beach FIBI every other meeting or so.

A pre-foreclosure (PF) usually requires the not to be paid off as a regular sale transaction, PF is a distressed sale with a motivated seller in most cases that sets it apart from a regular sale. :)

I've talked to some people and have done a few rehabs in Memphis just to get an idea of the costs, and I think realistic is circa $100 PF all in hiring a GC for the license and some consulting and subbing everything yourself (plus the lot).

Oops - It's July 15th actually.Here is the post about ithttp://www.biggerpockets.com/forums/521/topics/134096-july-15-2014-nyc-meetup-in-manhattan-with-bp-author-and-legend-j-scott