Don't get trapped in the education stage though!

Realtors and contractors are promoting the slumlord experience, eg never investing in the property, and extracting every bit of blood out of the house you possibly can etc.This works well in the short term, but when it's time to dispose of the asset, people will look at your manky horrible windows and knock you for them.But then replacement won't be $6k by that time, they'll be $10k, and the buyer will knock you $15k on the price - because they can.Don't fall into the trap "it's just a rental".

My goal is help REIs avoid many of the predictable rookie traps that lead to bad experiences and financial disasters. 

You’re falling into the cash trap right now; and let me tell you, that problem only gets bigger the more successful you are because the deals get more expensive and the number of transactions you do increase too. 

I would encourage you not to get caught in the education trap that so many people get caught in and make sure you continue to take action steps towards doing your first deal regardless of the type of transaction.

Until you feel 100% comfortable you are not stepping into a trap.

By the sounds of this guy, he is the driving force behind all of his troubles even if he did get trapped by his ARM!

Now you have dead equity with cash trapped in a condo that will be hard to get out.  

Do not fall into the new investor trap where you focus most of your time and energy on p.o. boxes, website, business cards and office supplies...those things can all be picked up as you go along.

Does anyone have any experience investing in section 8 housing that can shed some light on how these properties perform?