Here is the deal as follows.. 4bd 2.5 bath 2,800 sqft in the heart of the city of Philadelphia $105,000 asking. $389,000 ARV $75,000 in repairs Comps in the area are going for $579,000 and right next door sold for $420,000.

This project is not for the shallow pockets or the faint of heart and it's not because of the presence of ghosts either.

RE deals are like buses, don't get your heart set on any one deal.

You can get a dog or cat or birds or rats to your hearts content (well, cities do have regulations, too.)I'd recommend a few things.

However, in my market, people don't run around paying dozens of app fees - they only pay 1-2 before they have their heart set on a place.

I would encourage anyone that is new to investing to do the following:1 - Become a Mentee (working with an experienced Mentor will save you a lot time, money and heart ache.)2 - Become a dedicated student of the business for life.

I want to learn the in and out of real estate because I've interview a lot of property managers and they all seems to not have our (investors) mind at heart so I decided to manage properties myself :)@Bart HedgcockThanks for your input Bart!

Going to a market that you know nothing about, that is thousands of miles away, with very little hands on experience, where you will need to give up control and be 100% reliant on complete strangers to make or break your investment for you while keeping your best financial interests at heart is not the answer.

As far as rules of thumbs for auctions, know the neighborhood, know your ARV, bid with your head and not your heart.

The life partner drove away with her as a passenger after the accident.