Can you refi out of the FHA loan to free that slot up?

But since he originally signed himself at 3% of sales price to start with, he's a shark.  

Regardless, like on one of my new favorite shows called 'Shark Tank' their famous saying goes:I'm Out

Lots of oppotunities, also lots of sharks ready to eat you.

He sort of 'jumped the shark' after RICH DAD, POOR DAD.

There are plenty of duplex, triplex available in the central LA area (east/west/south of downtown LA) that have good numbers -- especially with an owner occupant for buy and hold - you could also get them rehab'ed & put tenants in them for a value appreciation play and flip them to another investor - though this may take some time to find the buyer if you don't have connects to investor buyers in that market.In regards to the West Valley area (Sherman Oaks, etc) ... that area is full of competition and they are doing stupid, stupid things.First they show up like sharks in their Land Rovers, Merc S Class, etc... thats all fine and dandy, I'm showing up in my M5 or Ferrari anyways too... but then they do stupid things like grossly over-offer and over pay for the properties and either 1) make small margins or 2) do crappy rehabs and make a little bigger small margin.I've decided to let them play with each other, and found better opportunities with bigger margins in the same general area (just not the higher end west valley area).West Valley has higher buy-in costs ($400-$500K purchase for a fixer needing $60K) and resale around $600K....

thanx s lot Mary...that was very helpful....be sure to inform you about how the deal plays out

From my talks with various investors in the marketplace that do this the market and margins are razor thin right now for rehab and flipping especially the first time home buyer demographic.

Some people think sharks are great and wonderful creatures, while others hunt them down and kill them.

I've got a Washington State specific question that I just can't seem to find an answer for, and I'm hoping I might gleen an answer from the wealth of knowledge held in the razor sharp minds of this fine community...