I've got to say the numbers you are putting out make this look like the deal of the century.

So here's my analysis:Asking Price: Brand new quad(built dec 2012) 330k20% down = 66k4% interest loan, 30yrs: 1,260.38Taxes: 583 monthlyInsurance (Allstate gave me the best quote): 72 monthlyPM: Century 21 - 1/2 months rent to fill vacancy + 10% monthlyAll 4 units rent at 825: Gross rent monthly: 3,300All closing costs payed for by builder.

Re buying old houses, most of the properties in this area (New England) are from the early-to-mid 20th century--so the inventory would be pretty non-existent if I cut those out, lol.

It's a close-in neighborhood developed in the 50's, and WAS known for mid-century ranches.

Jack,Two books I really enjoyed were Business of the 21st century by Robert Kiyosaki and Art of the Start by Guy Kawasaki.

I figure if I am into it for 140k-145 and all it needs is paint and carpet, it is a great deal, at least I think so.Anyway, the problem is he now has a sale lady from Century 21 coming over Friday night, and she told him she can get it pulled from the sale, and sell his house for about 200k.Now the part I am not sure of is HOW can she stop the foreclosure??

You brought that house into the 21st century.

Your 70% ltv might be why the rate is so low.Fees at closing is the way to go.You can be promised the loan of the century and pay upfront fees and it never closes.

Some people can't handle the truth, but in actuality 13 families have been ruling the world for centuries and they have been steadily ensuring that the rich get richer and poor get poorer. 

@Steve Oswald I am transitioning my long term units to Century 21.