Originally posted by @Dave Foster:@Robert Seger, You've got a basis in that property whatever it is. 

Do you have a copy of their original leases, deposits and esstopal letters. 

Originally posted by @Thomas S.

This type of investment could be very time consuming in the early stages, but once you have the property performing, it can be very easy to manage and maintain. 

My guy in NJ said he could do a cash out ReFI at 80%, and he did the original conventional mortgage for me in last week of July of this year.  

Here are the numbers:Original Loan Amount: $ 42,700.00Loan Origination Date: 12/09/2013First Payment Due Date: 01/01/2014Last Payment Date: 9/27/2018Current Loan Balance: $ 41,802.77Current Interest Rate: 9.900%Current P&I Payment:$ 371.57Current Escrow Payment:$ 30.43Maturity Date:12/01/2043Term Remaining: 302Loan Type :CFDFMV: $87,500The WorkoutWe picked up this asset for $18,500 ( 44% of UPB)Expense Cost: $2000 (Includes, servicing, initial due diligence, forced place insurance, back taxes and misc)Contingency Fund $2,500All in Cost= $23,0008 Months of Payments = $2968Reinstatemet fee from borrower = $2000Total Income received $4968We sold this property after 1 year as a re-performer for $35,500 (Approximately 85% of UPB)$35,500 + $4968 = $40,468 Total ROI = 76%We're excited with how this one turned out and can't wait to see what we will do with our next one!

Originally posted by @Jonn Vidal:Interesting!

Originally posted by @Michael Bacile: So do prop managers and a leasing agent different positions and roles?

Originally posted by @Ray Rhoads:I applied for a Cash Out Refinance with the bank that holds my mortgage.In an effort to actually enjoy my life and spend time with my 1 year old son as he grows up, I left my job at a Fortune 100 company to own a business where I make very similar money working about 6-8 hours/week instead of 60-80.The next step IS real estate investing.

We had to have proof that we performed significant improvements to the property in order for them even to consider it.