Another issue is that some assign notes to other investors and never file the assignment, the broker can get nailed pretty hard as that can take them to fraud issues.

But my ruleof thumb when it comes to investing is always:Cash flow is king.People on here always talk about risk and over leveraged based on the LTV.To me, LTV means very little if the house is cash flowing big time.In this case, Joe hit the nail on the head.

No, it's Top Secret, can't even discuss it but really, I think Joe likes us to think he just gets his spook buddy in the CIA to track them down.......LOLUsually any small operator is easy to nail down.

Michaela pretty much hit the nail on the head as far the intent of the 203K being a "livable" house.

nailed a massive plank across BOTH the entrance doors.

Troy,There are 10 cap on actual opportunities, but not without an 'interesting' situation or market.

The name of the game is to get filled up fast and stabilize and then sell or refi off 1 to 2 years later.450 X 52 = 23,400 month X 12 = 280,800 gross expected annual income.Back off 50% costs if landlord doesn't pay water or utilities. 280,800 x .50 = 140,400 NOI at a 10 cap for resale that is 1,400,400 before resale expenses.700k + 52 units let's say 10k a door rehab = 500k 700k purchase plus 500k = 1,200,000You would really have to nail down cost per door rehab and the exit cap and lease up rent.

90k a door sounds pretty steep but the 50% rule says the NOI should be in the 10.2k range which is about a 5.6 cap on 180k, in the typical range of asks in SE PDX these days. $140k would be a 7.25 cap and I would start there with an offer if it were me, but there's been a lot of interest in SE lately so if it's listed you might have to start more towards your MAO of 160k.

Well, Brian nailed that!

For me you hit the nail on the head.