We fell in love (I know, I know) with a not great looking home in a great neighborhood with a beautiful park within a 3 minute walk.

Fell in love with the place when I was wroking 60 hours a week and going to college full time.

A couple of previous buyers' financing fell through, and the owner is just tired of paying taxes on the property.I am going to get a third party estimate on repair and definitely get osmeone to check for mold/termites etc.

I have another lawsuit pending right now, where a Section 8 tenant who is totally disabled claimed that she fell in the water meter.

I still remember my first bulk note package deal... it was supposed to be about $120K payday for me, and the day of the closing the investor group fell off the face of the planet... that sucked!

I wish I got my feet wet with some smaller deals but this one just fell into my lap and everything started coming together.

The tenant claims she fell into an open water meter hole.

It was white hot during the big boom a couple years ago but prices dramatically fell and we got it for well below comps.

-purchase price-desired profit (I plan on $10,000 for any investment up to 30k and an additional 5,000 for every 30k after. ie 30k purchase price I want to net 10k, 60k purchase I want to net 15k, 90k purchase I want to net 20k)= Maximum allowable purchase offer priceHere is a sample deal on one I am in right now.Purchased property for 52,000 (reo)inital closing costs including inspections and appraisals 3600renovation costs 19000holding 10 months @ 750 a month ... 7500Conservative ARV $120k minus my 12% (see above)arv 12000012% final costs 14400holding costs 7500renovations 19000purchase price 52000estimated net profit 23100I wanted to make atleast 15k because it fell between the 30-60k range for inital purchase price and if it sells early great, but I always start with talking to an appraiser and seeing what the conservative ARV will be and go backwards from there.

One of those scumbag contingency lawyers tried to sue us.Then, a tenant with a 16 year old druggie child, fell into the water meter hole when the child forgot to replace the meter cover after hiding his drugs.