Every application we get is really weak and extremly risky.I agree with you, though about changing strategies given the state of things.

The San Mateo, CA area has always had a lot of growth with companies like Visa (I hear they are planning to go public), Fisher Investments, Templeton Investments and Gilead Sciences (a biotech company that has licensed some AIDS medicines) situated in this area.

Here are my lessons learned:Most of the functions can be handled via a web interface: advertising, rent, tenant screening, maintenance requests, applications and forms, etc.

Cyber Applications Group, LLC is in the final stages of development for the Virtual Property Manager, a web-based system for individual owners of rental property to professionally manage their own properties.The target market is people who are relatively new to the real estate investing business and could benefit from a product that also helps educate them on the process of being a landlord.

You have not given enough information on the property like what's the tenancy rate, what's the utilities cost, did you have the property inspected to ensure no major repairs linger around the corner, do you have money for attorney or property manager if not can you deal with taking applications and running peoples background checks and credit reports, phone calls from the tennants.

Sorry couldn't help.Do you mind sharing if it was a mortgage company that funded your loan, or a private party.Did you state your line of busniess, income, and assets on the application?

There is a $50.00 application fee due at the time of the consultation and you would pay NOTHING else until services are fully complete, and since we are now non-profit, the client only makes a donation that they can afford.

Document timelines when you start advertising, clean up costs, ad costs, where you advertised (save copies), rental applications, miles driven to show the unit, phone calls, letters EVERYTHING.

Each property is different and you have to break down every expense applicable to the specific property, line by line.

Thanks to everyone here for all their posts.Also, I've been using the search feature to look at particular topics when I don't want to read a million posts that are educational, but not applicable to where I am.