I'll never forget what he told me, If you ever want to start purchasing real estate simply call this guy and write him a check and don't ask any questions.

How exciting to be just starting out in the space, congrats!

The new owners will have need to start the process of becoming administrators as fast as possible.There are requirements set forth by the state dictated by the amount of beds, 6 beds and under is fairly simple and straightforward.

I know it's "all negotiable," what everyone says, but I also hear that most of the time it's standard 6% (3+3 paid by seller).Generally interested in how that ruling may be starting to affect attitudes on the ground or actual commissions in deals.

Louisville is fantastic for cash flow and is a safe place to start since we don't typically get caught up in the roller coaster effect of steep appreciation followed by sudden pull backs when the market isn't red hot.  

We’re hoping to start small and are looking at markets, such as Buffalo or Rochester, NY.

Back when I started selling foreclosures, the REO (real estate owned) inventory was crazy high.

so you're recommending that my starting point should be finding a real estate agent, utilize theirbknowledge to learn about the process, and get referrals for good loan officers.

Only difference is the $10K is in your bank and the interest starts so you are paying on the full $10K over how ever many years they offer.Lastly, depending on your first mortgage rate it may be best to just do a "Cash out refinance" becuase its over a 30 year mortgage and the rates are lower then both Heloc or Heloans. 

Hi Bruce, i'll start by saying i'm a mortgage person, so please understand the context in which my response is coming from. you'd need to create CC&Rs/bylaws and establish an HOA in order to do this.