Hello all, I recently purchased a condo on the east side of Madison from a foreclosure sale auction.

Purchase price: $115 Cash invested: $17,000 This is my first fix and flip.

How many deals have they historically reviewed to find one purchase?

In short: $4.25M Purchase Price. 15% down. 3.25% with seven years remaining. 

My partner and I keep an excel spreadsheet of rent, our purchases, utilities, taxes, insurance, and money spent on contractors.

Without going into too much detail, my current situation stems from selling a previous company via partial owner financing, only for the new owner to default on the purchase, leaving me in this position.For traditional financing, I understand I’ll need at least one, if not two, years of solid credit history, tax filings, and other financial documentation.

I currently own one property, and I’m planning to purchase another.

Don't be suckered into buying cheap properties - unelss you know exactly what you are getting into.Here's some copy & paste advice that applies to just about any Midwest rental market:--------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

A seller can not sign away his rights in a purchase or any other document.

My investor friends who joined an investing franchise were severely disappointed.