My criteria are pretty strict in terms of location for a place I want to live:Walking distance to Newport or ~20 min via public transitNear to PATH (<= .75 mi) to be able to get into ManhattanEverything I’ve seen in the forums leads me to believe any properties in areas meeting these criteria are going to be highly competitive, and I only have about $100k to put down on a purchase.

Concurrently with #1, I would see if I could get an equally reliable car with a lower monthly payment than the one with the 10k remaining on the loan, or ask myself whether I even needed a second car (maybe in Texas, you do, but it's also possible to carpool, take public transit, bike, etc.)  

I don't mean to go against the grain of those who are selling that idea - all I can say is that it did not work for me.So.......... back to taking seminars, buying cassette tapes and books - I wanted to learn everything I could about investing in real estate ---- so--I had to get money, working capital, and I needed to go on the cheap - A friend told me about cheap properties you could buy in Baltimore - houses for only $2-3,000 and many of them could be found at public auctions.After borrowing some money and getting some credit cards and a new job - one in sales - I was ready - ready to invest in cheap- junk properties in the City.And wouldn't you know it - I got lucky at my first auction and purchased a cheap house that was boarded up - Because of all those expensive seminars I enrolled in I WAS READY - prepared with my pry-bar, flash light, level, marble and probe - I decided to go to this building that was being auctioned the next day - I sort of removed some plywood and crawled through a window to take a look -Boy was I surprised - this place looked great - I later found out that the estate boarded it to keep squatters out.The next day - I was ready with my deposit and waiting for the auctioneer to start his melodious hypnotic chant - 5 bidders appeared but did not bid because they could not get it - I was the only bidder and got the house real cheap.Today as an auctioneer, investor and developer of commercial properties - if someone would ask my opinion on how to get started I would suggest ---Continue to study but learn how to cut through the BSGet a credit line Learn 20 creative financing techniques - no money down systems (that is none of your own money)Hang with a few successful investors and pick - pick - pick their brain*** Look at 50 houses in the area you intend to invest (not expensive, blue collar, mixed rental and home owner neighborhoods)When you are finished looking at 50 properties - you will be armed with knowledge that most agents and other investors don't have - knowledge of values -Keep a journal, put listings in it, write down everything the agent or owner says, keep a record of the cost per square foot - this will help determine values -Have agents send you expired listings - go knock on the door or send a letter to ask if they are still accepting offers on the property - Remember an expired listed is a property that failed to sell - the seller should still be motivated to sell. 

Example: most sales data for a house is public record and do you think you get the same value for a house with a mortgage as you do with clear deed?

See the BP Drive for Dollars guide - linkOther investors also send to probate (inheritance) leads, code violations, evictions, pre-foreclosures, divorces, and many other public records that might indicate distressed owners.

Plus, it is important to understand where good design can positively affect your ROI.Burlingame is an interesting location for growth with its easy access to regional public transit.

@Sharath Kumar the pop corn ceilings could be a major problem along with any texture on the walls if they are asbestos or lead containing. there is no way to do it your self in Colorado both the removal of asbestos and lead are highly regulated by the Colorado dept of public health's air pollution division, it would be really dangerous to attempt to do this type of friable removal in an apt building because of the shared air systems used in the 1970's you could  contaminate the entire building with asbestos fibers or lead dust.

Sorry, can't help, but I find it strange saying they know before it hits the legal news as a lender cannot disclose the loan condition prior to public notice, so it may be they picked it up an early morning copy, LOL. 

Problem is here in GA the counties do not publicize the OTC late on taxes list like many states.  

All you should be calling your house is a rental, who you rent to is irrelevant to the policy, you could say it's for retirees, but legally it's just a rental and anyone can rent it.You also need to be careful in your tenant selection process trying to weed out the public to provide housing for only students.