There are no more people with 500 credit scores and a part time job at Burger King buying houses.

Investor loans with zero points are typically .50 to .625% higher, so 4.75 to 4.875% (or alternatively you can take the 4.25% O/O rate and pay 1.75% investor discount points, that decision depends on how long you might hold, usually better for investors to take the higher rate as you're doing).The fees paid to the lender (processing, underwriting, NOT 3rd party pass-through like appraisal, title work, closing) should be no more than about $500; there can be alot of variability here, and it can be negotiable.

During your meeting, you will find out your hard money brokers parameters, how they work, if the use private money or institutional capital, rates, points they expect, lien positions they'll entertain, will they service the loans etc..One VERY basic transaction involves agreeing to lend no more than 65% LTV (of a $100,000 purchase price) to a borrower who agrees to 12% I/O and 4 points.

I had a 70 year old guy and his wife lie to me, let me spend money on due diligience, several thousand, and then try to weasel out of the deal.I have had peers lie to me in front of their parents and family - right in front of family.I could give you a ton of stories - the reality is that there is no more shame in this world.Be Firm, Fair, Friendly in all dealings and do it all in writing.

I had no more left to give...I was working a full-time job relieving an aide when I got off.  

In Philadelphia the "no more than 3 unrelated" rules are only enforced in one neighborhood - Manayunk.Students make great renters, especially when you get their parents as co-signers.

Getting to 10k a month in 5 years assuming you obtain no more capital in any other way, I'm not sure on.

See http://www.biggerpockets.com/blogs/3/blog_posts/42...Here is the deal:-Must be no more than 80% of median price, so if median price is $100K, $80K or less.-100% financed-No PMI-designed to help low- and moderate-income borrowers become homeowners by helping to overcome one of the “most significant barriers” to homeownership, the down payment.Read the article and use it today for rent to own and lease option assignments!

Three of the homes had "tenants" in them, who were rented to no more than 30 days before wed bought them.

If I were you I'd start looking for houses that cost no more that 60k...I know that's saying something when an cheap house in LA cost 300k.