You would need an additional $10K or so of your own cash to cover the excess of the rehab over the loan amount ($3K), the points (about $4.5K), and your holding costs (taxes, insurance, utilities, etc.

Moral of this story is to make sure you have proper and adequate (if not excess) insurance coverage, particularly when you have multiple properties (multiple possibilities of litigation).

To date, we have closed in excess of 30 deals, and have 17 in the pipline as well as another 10-15 SS's we do for realtors.

This of course does not consider you getting other additional (in excess of 4) from local banks who carry their own paper and thus do not have the same guidelines.

Someone would bid well in excess of the $1 million owed.

You missed a BUNCH of the expenses, such as damage done by tenants in excess of the security deposit, advertising, entity maintenance, legal fees, evictions, lawsuits, office supplies, etc, etc, etc.Throughout the United States, operating expenses run 45% to 50% of the gross rents.

All it does is insure the amount in excess of 80%.The couple complaining to countrywide are about to have a foreclosure on their record if you can not refi out the property as the loan is in their name.

You will lose your ability to participate in the Section 8 program and you will likely be liable for civil damages, at least for the excess rent you've collected, interest, and court costs.

I don't attempt to evict people for being unclean unless it's excessive.

I have been selling apartment buildings for about eight years, having sold in excess of 1,000 units throughout my career.