If you subordinate, you have taken steps to stabilize the property since now a majority of the old 12% debt is now at 6%.

My name is Lenny and I currently live in Long Island but spend the majority of my time in NYC due to work.For years I have always been interested in becoming a Real Estate Investor, but have either let negative people talk me out of it, or let small things or my lack of knowledge hold me back from moving ahead.I came across this site by randomly typing in 'Real Estate forums' into Google, in hopes that in this day and age there is a forum for everything, and sure enough I was right.After browsing the site for a few minutes, I thought for sure it would prevent me from accessing any extra material due to my past experiences in regards to Real Estate knowledge.

When would you suggest listing a house that I am doing a major remodel on?

They have created major headaches for me over the years for me.

And don't specialize in million dollar homes only, because that's where the majority of all other agents want their listings and buyers to come from.

It's a good location and solid structure in a city with high demand, but the interiors were treated poorly pre-foreclosure so will need a major overhaul.

I guess the only plus side IF I have to replace the unit is, it will be mostly major-maintenance free for awhile.

Yes, turn the water off, but after you turn the water off, turn on a faucet to clear out the water already in the pipes.Also, when new tenants move in, I make sure to show them where the house's main shut off valve is in case there is ever a major leak.

However some people might only want to work in one or the other so you might need to build somewhat separate lists for both.That really shouldn't be a major drawback.

If they had major health risks or were uninhabitable there would be a problem getting financing.