You will pay for it and then get it back - a wash transaction.

If your analysis and your economics wash out, heck, but a $1 house!

I pulled up to the home and the owner was in the driveway washing his pick up truck.

I financed a commercial property for a young marine who got into power washing/cleaning the hoods & fire protection systems over the cooking stations in restaurants etc.He had developed a niche market with very little competition & carried the necessary certification to post for the respective health dept., inspectors.The work had to be done whenever the establishments kitchen were closed so it was usually a lot of early mornings/late nights.

Did you end up working with Fred Tichauer, and if so, was he a good investor's agent?

My other line of thinking was he is in metro detroit where more than 50% of the deals would be, while im 40 minutes away in Ann Arbor so he would already be there saving me a lot of driving.

I agree with a lot of the comments here - that no credit is not as bad as poor credit.In our screening process, we have built "no credit" into our scoring system:They score nothing for the category "credit score"But they get a high score on "payment history"These sort of wash each other out, giving the applicant a "neutral" score that is then influenced by other categories.This has seemed to work well for us overall, and we don't have too many problems with people who don't have credit history - it is often a reflection of good budgeting, especially in older individuals.

Rehab 2 units a month and move existing tenants into newly remodeled units, rinse, wash, repeat and stabilize the building in a year and refinance after increasing annualized NOI. - Not having done this before, can you see any issues with this plan?

Also, on the $350, how long was he going to receive that?

For instance, last time, we planned it when we had a turnover, brought our pressure washer down, pressure washed the homes, stained one of the decks, secured all the loose fence pickets, gates, locks, etc., painted the outside door trim and porch rails, etc.