You may want to double check those expenses as I have them sitting around 70% of annual rent based on your numbers.

I didn't realize but I double posted the same link.

My plan,at this point is to "buy and hold" five double houses in the New Orleans Metro area.

It sounds like a slam dunk and you should be able to double end the deal and earn a great commission.

Partnered with a local wholesaler (met on BP) who found a buyer at 73k and double closed it.

I just came across a deal with a double wide on land and doing rent to own as well.

You're going to need good credit, meet DTI standards, have 20% down atelast, then the bank is going to want to do thorough background checks on your contractor, appraisals, double check your repairs estimate to be sure its accurate, yada yada yada.

(VP Supply I believe sells Mitsubishi ones if you wanted to check it out).There are a few options mentioned for the hot water heater, but that may not be as big an issue until the one you have expires - and you will have to check how the house was split into a double and how easy it would be to split the water lines.

A banker will tell you 9 times out of 10, they can do the deal if you don't meet those guide lines, but 9 times out of 10 you'll be wasting your time.I say use a broker, but if you do, double check on the bank they use.A third option might be a credit union, yes they are still a banker but their guidelines are sometimes a littler easier.Good luck

Most people on BP would say yes.By investing in rental properties you are taking the risk and letting the tenants pay a premium (rent) for keeping their risk level low.In short, I might pay double the amount in interest alone... but over the course of the mortage, I'm making way more than the interest payment.