The 50% rule, 2% rule and general cash on cash returns don't make sense in a lot of people's local areas.Great info and discussion, from everyone that contributed!

J Scott, and everyone else that contributes to this great site:Thank you!!!

I want to thank everyone for all the help and expertise everyone has contributed to this thread.

You say you are learning from Bigger Pockets, but it sounds like you have quite a bit to contribute also.

Originally posted by Financexaminer:J. you're usually skiptical due to the lack of experience in the ways people get in trouble in this business.Nope, I'm skeptical when someone who has no legal training tells me something is illegal, but the fact that it being illegal defies common sense...as this does...and then is unable to substantiate the claim with statute or precedent...Bill - I have a ton of respect for your opinion and your contributions on this site (honestly and sincerely), and you clearly have a lot of great experience.

I'm sure the full documentation requirements, and the appraisal reviews, these days have also contributed to the back log on refinances.

All parties agree as to the value of the contributions made by each party, the repayment of funds provided and payment of any debts created out of the transaction.1, 2 and 4 are pretty clear I think. 3.

My agent just email me information about another REO that he has for sales and am trying to figure out what will be the best price to offerIt's a 9unit apartment building (2bedroom-1 bath) 4units are currently rented for $575/months.The bank is asking for $210,000The tax is around $7450It's going to need some repair around $25000 The last buyer paid $450,000 in 2006 and it's currently valued for $286,000 on the auditor's siteMy calculation for an offer was coming to $145,000 to $162,000I will appreacite your contribution on what you will offer for this property, ThanksTracey

If not, why do you bother posting on this thread if you can't contribute to the topic?

Hopefully I can learn a few things and also contribute what I know to the community.