I think it's usually about a 40% hit by the time your done for the average person if it doesn't work out.

I hope we work out great.

If you work "out of town" couldn't another 4plex be your primary home for the other 65 days of the year and satisfy the FHA terms?

Factored in light plumbing, new kitchen, upstairs bathroom, light sheetrock/spackle/paint, siding, all new flooring, and all the other miscellaneous like fans, lights, doors, etc.I have been blessed to be in a family of carpenters (dad, uncles, brother, grandfather) and a family of realtors (mom, stepdad) so things work out quite nicely.

If we were to attempt to work out all the details, it wouldn’t be much fun to discuss.Originally posted by J Scott:The OP wasn't discussing (as far as I could tell) debt-free investing versus borrowing.

If the rental numbers work out, as you suggest they do, you might also get a little more from a buy-and-holder who's not counting on a quick profit - but you still won't get more than market price.Once you've figured out what your potential buyer might pay, then you can back into how much you can afford to pay with a little profit for yourself.

I think we can accomplish our wants for $60,000 - 70,000.How can I approach the seller and work out a mutually-beneficial deal for both of us?

If that is the case you want to talk to them because there may be times when you don’t have a buyer for a property but they do and you can work out some sort of deal.

I found another lender willing to escrow the funds today and the seller has agreed to extend the closing date so I think it's all going to work out.

Found a house I'd really like to get a hold of that is in it's redemption period if anyone knows a short-sale specialist that could help me work out a deal with the bank/owner.Love BP and the podcast and happy to be here.MattPS.