Im Jay Turner, Michael's technical guy, I've handled the technical aspects of his biz for a few years now.I can tell you, Ive seen it with my own eyes, Michael has been doing real deals for the last year or so, and still goes to real estate seminars every month.

You missed a BUNCH of the expenses, such as vacancies, management (even if you do it yourself), advertising, utilities (at least during vacancies), legal fees, evictions, capital expenses (not technically an operating expense), etc.

There does not appear to be a staffing up from recent years.

Jeffrey, Operating expenses include taxes, insurance, management (even if you do it yourself), maintenance, advertising, office supplies, legal fees, evictions, damage done by tenants in excess of the security deposit, entity maintenance, utilities (if only during vacancies), vacancies, capital expenses (not technically an operating expense), etc, etc, etc.

Since the deed isnt passed until all the payments have been made, technically, you havent sold the property so the due on sale isnt triggered.

I'm considering quitting my day job and going to school to get my real estate license.Income isn't an issue,I simply would like to have all the education and experience I am able before I jump into something like this.I have no exp. with real estate technically other than buying my own home,which was a new home and paid for pretty much with cash.If i'm able to comfortably do it,would you oldtimers suggest I switch my day job and work at becoming a realtor simply to get more acquianted with real estate?

For instance, proof of funds may be stipulated.Since there are a lot of variables, such as, lenders, markets, staffing, personality, etc., each deal is different from the last.

hope this answers the question.ps. if you the the one losing the proeprty, you can extend redemption periods as well, technically you can redeem until the successful bidder pays at the request of a judge, which can happen within hours.

I've had clients do this before... its technically not very ethical because thats kind of the definition of bait and switch...although if you never respond to them at all I guess its really no harm done.

I was just wondering - in the case of a sub2, if someone already has equity in the house, you simply take over the remaining mortgage payments, technically without even assuming the mortgage, and when they're done it's considered payed for in full?