Are you prepared for law suites?

Alot of banks will allow a 3x repair value for the home to be factored in the market analysis of a home in a pre-list stage.I deal with foreclosures on both sides, the agent preparing to sell, and the investor wanting to buy.

Hello Everyone,For the past 3 years I have been working in the Real Estate business as a Loan Officer and a Real Estate Agent helping buyers with the purchase of their homes.During this time, I have persistently been reading books, attending seminars and preparing to break into the Investing side of Real Estate.

In addition to the expenses he listed, you also have advertising, damage done by tenants (above the security deposit), utilities paid by owner (even if the tenant usually pays the utilities), office supplies, management, maintenance, tax preparation, etc, etc, etc (I could go on and on).

Either walk or find another way to verify the situation.The agents are motivated to do a deal and are slightly more inclined to prepare the paperwork.

If I did the calculator correctly that you pointed me to, there is indeed a loss the first year and then with modest rent increases there is positive cash flow.I wonder why the professional real estate investor bought this property 3 years ago, and 20 more like it in this student community (and no, he is not 80 years old who has held these properties for 50 years; he is a 50 year old man who has numerous properties here).When the seller prepares the Investment Property Analysis, are they lying?

At any rate, to sell the property, you must prepare a new deed when you sell the property.

Tell her EXACTLY what you are looking for and then be prepared to buy the property when she finds a property that meets your criteria.

Some lenders will then look back to the prior sale price (1st leg of the double close).Be prepared for the 2nd leg to fail at the closing table with a late underwriting block if the end buyer is getting a conventional mortgage.Other lenders will not care but you do need to be prepared to end up with 1/2 of a double close.

You also have to be prepared for angry neighbors from late night partying etc.I would try to find a local management company to help you with the property.