At least in the areas I invest, a typical EMD is 3% of the purchase price, so for $115k, I would ask for at least $3500 (actually $3450, but rounded up to round number).

If it appraises for $70,000 and you can pull out 70% (for example), you'd be investing $47,000 (rounded) and pulling out $49,000.

Norfolk if you know it.As the title suggests I am returning back to Chicagoland in the spring, my wife is from there and we spent a number of years there together in Oak Park ,one of the Western Suburbs.Anyway we are looking to invest in some real property to provide for us in our dotage.Off to hunt round the site now.

Having said that you build what sells for the area and not personal tastes.Great job on the podcast by the way.One question that wasn't asked in the "fire round" that I will throw out here I was curious about.How do you compensate on a ground up build for the amount of time you would have trapped money before seeing a return plus the fact that in some cases building would take a year or longer from buying the dirt to selling off the finished product??

I went to a HUD round table a few months ago and they discussed making one asset manager or at least making them all do the same policies.

Matthew:Some of the areas just outside of Austin are picking up (Manor, Pflugerville, & Round Rock for example).

Welcome from Round Rock!

I plan on just paying the $300 (rounding up) for the bulk of the loan.

It is possible to get calls from one round of mailings but to get the results your looking for you will need to do multiple mailings to the same people.If it's a matter of cost or being flooded, then focus your marketing.

That way May 1 you can find a good year round tenant.