this actually happened with the obama administration years ago.these are what you are finding, troy. these houses are less than desirable and the bank, well frankly, " has bigger fish to fry". so these houses sit and sit and sit. get run down, and pretty soon, when the bank wakes up and realizes they have thousands of dollars in carrying costs invested in this house, they discover that they will never get anywhere near the amount that they have invested in the house back to them, so they " drop" the house. thats right, they write it off. they stop paying someone to check on it every 2 weeks, they stop paying someone to mow the lawn, etc. and they stop paying the taxes.my advice to you, call and ask the bank if they have " released the lien or mortgage" back to the original owner. some banks will tell you, others will not. then, call the local tax authority. ask how many years ago the last taxes were paid on the house and who paid them. if it was a bank, and they stopped paying the taxes, well, there is your first sign that the bank has dropped the house. they aren't going to keep paying the taxes on a house that they no longer want, are they?

 :)You can try sending John an email at administrator(at)myeasternmassreia(dot)com   to see if you can get more info.

A 7 cap is absurdly low for Lansingburgh, that area is one of the sketchiest in the capital region, half the houses are boarded up, theres a TON of rental inventory on the market because even low income renters are fleeing the drug violence.  

@Jake Peterson @Brandon Turner has a couple good recommendations for deciding if you're in a good location in his book "The book on rental property investing"... he gives a few different tools to search withCrime stats - www.crimereports.com Schools - www.greatschools.orgjobs versus unemployment - he said he uses www.city-data.com drug use in the area the overall look of the neighborhood done by just driving around

Our speaker will be Dana Rose, the Administrator of the City of Columbus Division of Code Enforcement.

@Andrew Nelson,Section 8/HUD-VASH (section 8 for veterans) is a Federal program, but is very "local" in administration/implementation.Like others said, you want to qualify the tenant as any other tenant. you are looking for long-term.check gosection8 for your market.hud/hcv may have the FMR (fair market value) for your zipcode/number of bedrooms.

There is a cost to administration of every LLC, Accounting, tax returns, bank accounts etc.

I started as an entry level loan administrator in a bank like this and was able to move around to other departments and really gained an understanding of the whole business.

I love it I am a Systems Administrator and I love it.

In contrast, we had someone break into the washers and dryers on numerous occasions, a drug dealer, a pot smoker, a gal who had boa constrictors, and more issues in a month than my 9 SFRs had in a YEAR.