The cold cuts down on the smell if there are any, but it has 2 holes in the roof uncovered from a fire upstairs a year ago, nothing has been updated for years.

The third stepyou need to get the sellers feelings about how they really feel about certain issues.You've got to uncover what the sellers real needs areif the sellers have their head in the sand we call it the "ostrich syndrome" you need to find a solution to thatand you need to "kick the legs out from the stool", meaning you can eliminate the sellers options so that they enjoy your options the most this is one of the hardest things to understand because people don't know what they look like when they're talking to the seller.

this one actually came a few weeks ago. it's an interesting story.i was on vacation with my son in florida while my wife stayed back during the xmas holiday to rent out 3 houses. we had just fired our agent who we used to just list and show the houses on the MLS.anyway, while i was in florida i saw a 2k sq ft house in livonia that had an in-ground pool. the house showed super rough and the pics were terrible. it was listed for 189.9ki texted my wife and said "go and buy this house". she called the agent and he said "been on the market for 3 weeks, no calls. has 5 bedrooms".we had been looking for a long time for a larger home for us and she jumped at the chance to see it. it ACTUALLY Has 6 bedrooms, not 5. the listing was wrong.i offered 100k, no inspections. they came back at 132. we settled on 122k, pulled a loan so that we could preserve the rest of the cash for the future purchases. closed 4 weeks later (mid february)ARV on this house is close to 230k.I knew i could not start working on this house until about June. i also knew that it would take about 30-40k to fix it how i want it fixed for us to move in there, so that meant we could move there in august.2 weeks ago we went out to dinner and while driving i had an epiphany. i told my wife, "we will rent this house AS IS, no updates besides filling in the pool for $1,300. rent it for 1 yr, while the MLS dries up". this house updated could rent for $1,800-$2,100 per month.she texted immediately tenants in #4 and offered to them to move in this large house since they need the extra room. they signed a 2 yr lease last week and they are ECSTATIC.I will rent #4 and increase the rent from $1,100 to $1,300 since they have been there for 4 yrs.the tenants already resurfaced the floors at #25, will put pergo in the living room and change carpet upstairs. here's the pool - all 41k gallons of it. 2" pump is about to pump it out.here it is uncovered, pumping away.here is my concrete guy who is filling this pit as i type.the moral of the story.... just have multiple options. and be patient. is it nice to have a huge house so that you can spend 10s of thousands to fill it up with furniture?

Its the due diligence you need to do to uncover them.

Prior to joining BP I did my purchases based on comps, looking at the neighborhood, and looking at (without all the deep analysis) what I could get for rent that would cover the expenses and mortgage, etc but again without the deep analysis.Today, I've included the analysis as my 1st start so that I can better see the $$$ as it relates to the rent, everything that I have to pay (mort, taxes, ins, pm, accounting for future things like cap ex, minor repairs, turnover, etc), and returns.What I've found between these two methods is that the analysis has surely uncovered a view into every $$$ related to the property.

This can be done in a variety of ways from "cash-for-keys" where you just give them enough money to move out and get re-established elsewhere (maybe even help them find a place & help them move) all the way to a full eviction suit in court.2) A title search should uncover all liens and encumbrances on the property.

#2 is much harder to do, but you can make a lot of money when you uncover a motivated seller.

Due diligence just means to make sure you ask alot of questions to uncover potential pitfalls in the investment.

.######### is engaging counsel to look into this for us, and title issues that may be uncovered to protect our investment. 

He uncovered a massive leak behind the shower, that was dripping into the ceiling below.The nominal fee he charged was more than made up by the $3000 in credits to replace the shower.