Everyone here as EXCELLENT points.

Take the high road and let it go, at the same time maintaining excellent communication with the seller.

So do not think that your 1.25x on your excel will be the same at the lender's 1.25x as they may be using 5% vacancy, 10% property mgmt, and other adjustments that you did not.On the residential front, as mentioned before above, its pretty black and white you either use 75% of gross - PITIA  or you use the tax returns income.Let me know if that helps.

I'm planning on starting a meetup, there are none in my area, and getting some of the bigger BP players would really help to build interest and credibility rather quickly.It would be difficult for my area though because I'm planning the meetup to have local experts who can discuss strategies of the local market.

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