I think @Ibrahim S did an excellent job explaining Irvington albeit perhaps with a bit of sugar coating for a first time investor.

Saw this deal come up today.3BR 1BA CondoPurchase Price: 65kTaxes:$4,406.00CC:$182.00Repairs: 3k (looks in excellent condition but minor updates needed)Confident I can rent in 30 days for $1,500.00 a month after looking at comps.Came up with a cap rate around 16% w/ 900+ in cash flow.Do not believe there are any current assessments in the complex.

Be sure to check out the Analyze menu above if you haven't already - excellent tools there such asInvestment CalculatorsDeal Analysis ForumBest of luck!

I have a back of the envelope pro-forma analysis in excel that I use when doing a numbers-based first look at properties.

Amie,Paul Glenn is an excellent wholesaler and real estate agent.

Excellent podcast, by-the-way.Thanks,Mike

You might be better off staying in the house for 5 years and look upon the grant as an excellent start as you already have equity in your home.

Google and see what you can find, zillow has an excellent marketplace/rating system for different mortgage providers.Also, do you really need a realtor experienced in foreclosures?

Older community type apartments with seniors the tenants stay forever but you can't raise the rent as much because they are on very strict incomes.There is an art to extracting the most rent while keeping turnover as low as possible and quality tenants as long as possible.

Hi Amin, after reading your post and all the excellent comments, here are my five cents: I have NEVER submitted an offer on the phone!