I know my best offer should not excessed 160,000.00 for this property.Let see what bank has to say.

That includes all the expenses: advertising, taxes, insurance, management, maintenance, vacancies, entity maintenance, legal fees, evictions, setout fees, damage done by the tenants (in excess of the deposit), capital expenses (not technically an operating expense), etc, etc, etc.

Here in Washington State, though, they are required to return the any excess funds from a trustee sale.

As long as the cash flow is good, is everything else irrelevant regarding the mtg.Question two: how much excess cash would you keep on hand for each rental, to feel comfortable enough ie stable enough, to purchase a new property.I hope I made my question clear.thanks for the helpSteve

He does not receive any excess cash from rents after expenses & debt obligation.

Operating expenses include taxes, insurance, management (even if you do it), maintenance, advertising, utilities (at least during vacancies), capital expenses (although not technically an operating expense), entity maintenance, legal fees, evictions, court costs, evictions, damage done by tenants in excess of the security deposit, I could go on and on.At any rate, you left out all of these expenses, which means your negative cash flow (even with your interest only loan) would be a monthly LOSS of about $768 per month (over time).Good Luck,Mike

I think checking the smoke detectors every 2 months is a little bit excessive.

Funny, I found an eviction notice from a year ago- reasons for eviction- Excessive Garbage, Pets- (She also had numerous pets) and behind 3 mos on rent- and she only lived two blocks down the road- She had given me false references.

Check local classifieds for building materials MANY people/contractors DUMP OFF their excess like for nothing, Basically, sub it yourself.

They know its not worth what you're asking, otherwise, it would have already sold.If you can sell it, but the net is less than you owe, you may have to get a personal loan or borrow from a family member to pay back the excess.