It'll cut down the time you'll spend chasing a buyer and give you more time chasing the deals (which is where you make your money).Good luck!

Hey Everyone, Talked to my mortgage broker today to see what kind of property i would qualify for with a conventional mortgage, and she said something that I wanted to verify with everyone.A couple of properties I am looking at are Condos, and they have an association fee associated with them.My broker pretty much cut me off and said, any unit that is part of a "Condo Association" will not qualify for a convention mortgage on an investment property.  

Cut em down a bit, put in a chair rail for a wainscoting setup, then drywall the upper half?

@Kiran AlisamThere is no short cut to this.

The owner probably won't grant an easement for our property because it would cut through a large portion of the lot hurting his resale value.

I think that's my fear that I'll get cut out of the deal unless I go through someone I trust like family...which means working on their timeline and under their conditions.

Try to stay focused on income producing things.Do not cut any corners to make something better looking.  

Otherwise cut your losses and sell.

I tried to include all the pertinent information below:Rental Income: $13,200Rent: Currently has a tenant on one side at $550 per month without a lease – I’ve made it a condition of the sale that the tenant has either signed a new lease with my property management company or delivers that side vacant; other side is not rented out due to required rent ready repairs; rental comps in the area show between $550-600 (I’m being conservative and assuming $550).Expenses:Vacancy: 10% ($1,320)Property Management: 10% of gross rents ($1,188)Property Taxes: $2,065 ($905 for City of Memphis, $1,160 for Shelby County)Property Insurance: $450 per year Repairs and Maintenance Assumption: 2% of Property Value per year ($980 per year)Utilities: separately metered; all paid by tenant except for lawn mowing at $25 once a month for $300Advertising: 6% (roughly ½ of first month’s rent) $792 per yearDebt Service: Based on $49k purchase + repair price, 20% ($9.8k) down, 5% 30 year fixed is $2,525 per yearLocation:This is probably where most of my concern is coming from: Western edge of Hickory Hill, Memphis, 38115; major cross streets: just SW of Clarke Rd and Winchester RdAcquisition:Purchase Price: $42k, seller to pay closing costsRepairs: $7.5kTotal Acquisition Cost: $49.5kARV: Large range of comps in the area, best guess is $60kFinancial Metrics:Net Operating Income: $6,105Cap Rate: 12.33%Cash Flow: $3,580 per year, $298.33 per month, $149.17 per unit per monthCash-on-Cash Return: 36.5%Do you think it's a good deal?

, How much can I 'save' by cutting corners?"