I've been burned before in showing a place and then the client used another realtor to secure the deal.

@Ollie Gray IV - ideally, if you can secure a low interest, fixed APR, loan on a property in a good area - you will never sell it...

If the damage is beyond the security deposit, my mentor will inform the residents that he is going to have a handy-man come fix the damages and send the bill to the residents.Knowing how much damage can happen inside a unit, I plan to start inspecting the units in the New Year.

I'm not sure how long you plan on keeping the property or if you plan on holding it but like Townsend stated its very important and security that you may not foresee needing but may very well need down the line.

:Complete newbie here, trying to secure my first property.

So I have 2 friends with money and we've put together a pretty good plan for building a buy and hold business and them getting safer, secured returns on their money.

But not a bad rate..If he doesn't want to drop pre-payments and you really want the financing (and you plan on holding), try to negotiate a declining prepayment penalty for the first few years when you expect it will have no impact on you.If he's trying to invest money 30 years at 6% secured by real estate, send him my contact info and I'll give him a nice fat note secured by my CA property and give him pre-payment penalties for the first 10-15 years..

Also, many times the prior owner has run off with any security deposit.

Bought new large machines for about $1700 I believe (delivered, w/ heavy security covers for coin boxes), so they should pay themselves off in about 2-3 years.

If I were young, had a SECURE job that I could make a living at in these times, you'd have to get a team of wild horses to pull me away.