They are not what my brother referred to as "cocktail party landlords".3.

I haven't been steady in the gym since I had one in my condo building 6 years ago.I feel your pain, brother!

It's really a complete unit, but I'm taking care of my younger brother, so I gave him his own space so he could study and take care of his future comfortably.

I was just informed of a property from my brother-n-law that's in pre-foreclosure.

I have a few favorite memories:Roach House: Too young to do much around the house, as the brothers and Dad pulled up the carpet, I spent hours sucking up roached in a vacuum as thousands (seriously) crawled up the wall.Dirty toilets: It's amazing what chlorine bleach and elbow grease can do.Palm Springs: Landscaping in 120 degree heat.

VERY Long Term Tenants (claim is 20+ years) in each unit are family members (brothers)Unit 1 - One is section 8 – check straight from govt. ($350)One is on social security and is disabled – other pays rent cashiers check ($275)Unit mix 2 x 2 bd/ 1 bth Here are the numbers:Price $26,000 (they will only accept cash) I can come up with about 10k in cash but would have to take a personal loan to cover the restGross Rent: $7,500 (100% occupancy consistently)Expenses –A) $1975 (owners claims with property mgt included)OR –B) $3000 (if I assume a 40% of rents =expenses) NOI:$5,525 (if use A expenses)OR$4.500 (if use B expenses)Even if I was to 100% LTV at a $26K price at approx 7.5% Annual Debt Service would be: $2340So Annual positive Cash Flow would be: $3185 (if expenses A – owner claims) (or $265 a month)OR $2160 (if expenses B – using 40% of gross rents) (or $180 a month)Repairs known (before property inspection) needs new exterior and interior paint (additional $1,500), Roof is approximately 10 years old The money seems small but consistentDuplex Located in Buffalo, New York There have been a lot of foreclosures in that area – some I can tell were investorsOn the plus side, these tenants don’t seem like they are going any where soon.

The rental help cover my mortgage ($150 surplus) and I use my salary to paid off all my bills and personal loan from my brother.

The purchase price was about $32K.Looking at throwing about $3-$4k into fees that got me NOTHING, plus the hasssle of throwing another THIRTY CENTS a month into postage I decided to go "halfsies" with my brother.

For example, let's say that I focused my investing on areas that met the following criteria:- Taxes disproportionately low- Insurance rates below national average- Only new or fairly new homes- Had close contacts in the contractor business, who provided me great rates- Ensured all multi-unit properties were submetered- Had a brother-in-law who was an RE attorneyIf those accurately reflected my criteria and my situation, I think I could safely say that my OE would be less than the national average, regardless of how many houses I owned.The average is a wonderful thing to model against, but luckily not all of us (or the things we do) will trend towards it

The brother of one tenant moved in.