I personally abide by the philosophy that you should incentivize people to do what you want them to, rather than punishing them for doing something you don't want them to do.

I know two and a half years sounds like a long time but short of bankruptcy, there is no magic way out of immense debt, and you have to change your financial philosophy to be successful.

I find this thread quite interesting, as I am also considering getting into the property management business -- much with the same philosophy as Mat.Although I'm hardly a cheapskate in my personal life, I am tenacious about getting things done as cheaply as possible while still getting good value, and I've gotten pretty good at it over the years.

We have found that member property managers apply principles that fit our overall philosophy and requirements. 

My philosophy is buy and hold forever.

@Marco Anemone not sure if that was a misprint... but 3k/m equals 36k/yr, which will recover the 90k in less than 3 yrs.In any case, misprint or not, I think a philosophy that some subscribe to is exploiting the equity.

Also, is my 1% philosophy skewed, am I being narrow-minded, is it a location thing?

It’s more complex than a simple post allows.I think you might be conflating your subject to philosophy on foreclosures, and not to pull the "I've been a foreclosure manager for 30 years with a national portfolio" card but, the borrower's performance history has nothing to do with anything in a decision to initiate a foreclosure.

For out-of-state investment, my philosophy is, if all of the unknowns in my mind are not answered, I don't go.

Purchase philosophies like BRRRR, flipping, wholesaling.