If you do not create the business vehicle before the closing the loan and the property will be in your individual name.

But, if he's had a vehicle repo and now the late payments, unlikely he'll be able to get that.So, yes, this would be a good deal if you could get it at a low enough price.

You want to know going in what the deal is with the tenant (rent amount, payment date, deposits, specials agreed, assumptions about who lives there, and other things like cars in the front yard or motor repairs in the kitchen).John Corey

The areas are clean, not blighted like most of Motor City, and most of the renters are upper middle class engineers, cops and teachers.

I had to remove it from the motor just now to get it closed.

When you take into account the fact that General Motors and Ford BOTH turned a profit last quarter for the first time in a long time, you begin to see that the real estate market in this area is not as it seems on the surface.

It taught us basic troubleshooting techniques.If you are in any way handy at all, and can operate a Volt/Ohmmeter you can troubleshoot the system and you'll discover that many, if not most problems are NOT air conditioning problems but ELECTRICAL problems.By knowing how to troubleshoot here's some of the things that I found bad and replaced myself:Bad exhaust fan motor, the one on the outside unit.

I think man what they could do with that lifestyle if they would only use RE and leverage as the vehicle.

Some companies will run the main business in one entity but keep all the vechiles in a separate entity and the lease the vehicles back to the main business (department store with the delivery vehicles owned in a separate subsidary).Cost vs. benefit trade-off.MikeOH talks about how he keeps apartment buildings in separate entities.John Corey

If you have ever read a standard note and trust deed used by mortgage lenders, I would bet a good attorney could find 20 things many home owners are breaching in their agreement on a regular basis… i.e. parking commercial vehicles, or operating a business from the premises...