The taxes are 6000 a year in the city so the breakdown would be as Rent 550 (low ball) x3 1650Taxes- 500mortgage- 200-300 (downpayment will be 20-30% on 30 year mortgage)Insurance- ??

I definitely get more money down, and it's not taxable until the option is exercised (non-refundable lease option consideration)or they move.

Do you typically make an initial "low ball" offer to see if they will accept it and then make your maximum offer price after that?

I am having a ball working for myself and I intend to never work for anyone else again unless it is by my choice!

Who knows where the ball was dropped, but now you are left with aftermath.

Now the 100k day will be January 17,2012.Just as one poster said, once the ball starts rolling for the investment business, everyone will want to jump on the bandwagon that is BIGGERPOCKETS!!!

LOLYou just can't give an estimate of value from any crystal ball with the information you gave us.I have nothing really.You said they borrower defaulted immediately after the closing, this usually indicates fraud, so I would really dig deeper in to title issues and any claims that might be made by others.As to subordinate liens, notice is given to all known lien holders in the foreclosure process, notice of dishonor and demand so they have a chance to show up and bid.

So, here's a try.Quick background-I've finally got my financial life/ball rolling (i.e. out of school and a career started) and am looking towards the future now.

Then snow ball that cash flow into another rental years down the road... and so on...One thing to think about if you do sell your rental is the taxes you will have to pay.

I've asked the listing agent for financials to get the ball rolling and eventhough she has twice communicated yes on sending the financials, the documents still have not arrived.On the second listings, the listing agent asked for a capability letter since the purchase is going to be financed.First question, how would you proceed if the financials aren't provided.