Personally, I *hate* carpet in rentals... hate cleaning it, double hate replacing it-- so we get rid of it asap in all our units-- ceramic tile if the rents will support it, refinish hardwoods if they're hiding underneath old carpet, sometimes even laminate (not the cheapest stuff... doesn't hold up to water).

In my previous post, I was merely stating popular misconceptions that were created due to the actions of a relatively small number of criminals that operate freely within your industry.

We feel like our first order of operation will be to find a good banker (after some interviews) and from there we will know our best mortgage option and we can start looking into a certain price range in a certain location as well as finding a good realtor.

In the United States, operating expenses run 45% to 50% of gross rents.

IMHO, estimates provided by contractors, licensed OR unlicensed, corporate or one-horse operations, are pretty much a crap shoot.

• 6 month term [/b]Apparently you are operating from the old rules (550 FICO with exceptions made on a case-by-case basis), but the investor changed their guidelines several months ago.

1,000,000 Asking Price22 Units - Each Unit @ $789 Monthly Rent$17,358 Gross Monthly Rent($8,679) Less 50% Expenses$8,679 Operating income$1,000,000 - 30 Year Note @ 8% = $7,337 Monthly Mortgage$8,679($7,337)=$1,342 Monthly Cash Flow ($61 a unit)So I did these numbers assuming no down payment, paying asking price, and on an 8% loan.

He has a course that is a winner but I am not sure if his estate is still operating his old company.

The recession was tied to the 9/11 and dot.com events so the local banks who operate nationally and internationally were impacted a bit.Charlotte is similar to Portland OR and Seattle WA in that it sort of missed the boom so the market is healthy now.

As this is causing some damage to investors I know there is incentive to get the person sorted.Rogue operators are a problem.John Corey