Hi everyone, I'll make this short and simple, anyone know where to come across L/O contracts out there that are the most acceptable?

Originally posted by Shane Johnson: @Pat L.

:Originally posted by Scott L.:4 Unit Property (3 units in main house + coach house) Price Paid: $280,000 Money Down: $56,000 Monthly Payment (Incl Ins + Tax): $1970/mo Current Rents: $3665/moI'm still learning the ropes of property analysis myself, but I'll take a stab at it.

If you are basing a purchase price mainly on the income approach, then having access to a couple of years of P & L statements are absolutely critical.The gross rental income will include your vacancy rate.

Just as it happened with S&L, and banks, it will happen again.

F I N A L N O T I C E O F D E F A U L TDate:Sunday, May 20, 2xxxWe have been retained on behalf of the lender to take immediate legal action against you.

I like Steve L. comment that if they cannot pay first months rent and two months for the security deposit then how will they pay the monthly payment.

Minh L.

This includes $230K propeerty coverage, $10K personal property (coverage B), $300K business liability (incident)/$600K in annual aggregate (Coverage L), $600K in Premises Medical Payments (Coverage M), $1K loss of rents, and a ~1% deductible at $2K.I have a slew of questions!

Cash back cannot be generated from thin air, despite what George Bush and Congress think.There are 3 simple things you could have done (and future newbies should always do) to have prevented this:Due DiligenceDue Diligence Due DiligenceThe only upside of this; (like the upside of the RE and S&L crash of the '80s) is that a lot of us, will make a lot of profit snapping up these deals for twenty five cents on the dollar in the future.