Quote from @Laurens Van swol: We are exploring the possibility of purchasing an investment property in Florida.

The latest red flag is his belief he purchased a "fully renovated" property in Philadelphia for $115K.

In short: $4.25M Purchase Price. 15% down. 3.25% with seven years remaining. 

Purchase price 70k currently pulling 900 rent ARV 110 - 140k, rehab about 25k 

With a purchase price of $250k, your rent is WAY too low!

Purchase price: $252,000 Cash invested: $63,600First buy and hold.

So it could take a decade to get to todays market rent. 2) it’s almost impossible if not impossible to non-renew a tenant, especially if you’re not an owner occupant. 3) As a seller, even if I could remove paying tenants I never would without a non-refundable payment from a potential buyer that covers all vacancies for 6 months if they fail to complete the purchase. 4) You MIGHT say as a buyer that’s worth it.

If the Tenant fails to obtain or maintain renters insurance as required, the Landlord may purchase a force-placed liability insurance policy to protect the Landlord’s interests.

Process is simple. 1. purchase contract2. send contract to title company3. bring cash to closing and you're done

My mother-in-law wants to help my husband and I on our first real estate investment purchase.