Many thanks for any insights & guidance.TimThe only up front fees you should have are an appraisal and credit report.

I have just divided fuel on 12 units to separate meters and told my tenants they are responsible for the fuel accounts only to find out that 2 of the 12 have had their credit decrease since renting and the fuel company won’t do business with them.

Networking Tips: How can I leverage industry events, meetups, and online communities to build relationships with potential investors?

Welcome to the community and be ready for a huge amount of information at your finger tips.

This can be a city or neighborhood.We manage a lot of Class C properties in the City of Detroit, so previous evictions are common.We typically do NOT allow within the last 3 years and we want to see stable employment, income and no other major credit issues since.For Class B rental we're looking for no evictions in last 5 years.Class A, would be at least 7 years.Of course, there are exceptions to all of the above for extenuating circumstances the applicant is willing to provide acceptable documentation for.

@Sonja Revells Real estate investing can be seen as higher-risk by lenders and Dun & Bradstreet (D&B), potentially impacting your credit terms.

@Ramada Evans- 1) if buying as a rental and  financing it - your down payment will need to be a min of  15% of the  purchase price   ( so thats either  30,750 at 205K price or 32,850 at the 219K price ...so  not much of a down payment  difference   2) if it appears that there isnt much competition  or interest in theproperty - the lower price might be OK   3)  you might also consider   asking the seller for a seller  credit you can use towards some of your loan costs   4) get pre approved  if you arent already pre approved 

Welcome to the community and be ready for a huge amount of information at your finger tips.

So if you have good credit and cash, it makes starting any type of business a lot easier. 

Also, I have helped build my oldest son‘s credit where he can get a loan.