Can you drop me a Dm and maybe I can help you find your first prop.

But my payment is so low that I am making a ton of money plus the outstanding balance drops by a few $100 every month.

We used @Jerry Puckett and did a mail drop of 1k yellow letters to high equity home owners.

I had  only one complaint about temperature in the apartment but even that was a fleeting one. 

REO sellers will drop prices periodically. 

Is that the worst case scenario...or is it when the property value drops, so the equity available to the second mortgage holder drops with it?

When we got to the point where our mortgage balance dropped below our EF, I wiped out our EF and paid it off. 

In the end of day, the loss of capital takes another deal yielding 100% return or more to make it up to where you start, let alone of the opportunity costs.When I look at note interest rate, I will translate it into after tax rate.With regular or deferred tax account, it’s common to pay 37% tax including state tax, unless you invest inside “Roth” account or your income drop significantly when you withdraw deferred tax account money.Between 8%- 12%, it’s really 5% - 7.6% after tax.

Major factor here is who the house will appeal to, if its a house that likely would appeal more to a family with kids (which most houses are) than the fact that there is a busy street in front of the house will instantly remove it from being an option. also, busy streets only tend to get busier over time therefore property value tends to just continue going down. there is a recent property flip that I passed on because it was on a busy street. large home with comps in the $350K range, it was for sale by the bank for 150k and another flipper bought it, I was too scared to even offer on it because of the street. they finished the house very nicely and they have it on the market for 250k right now. thats $100k below its comps that are just 1 street over. its been 3 months and the house is still for sale, he probably doesnt want to drop price because he likely has little to no profit left.

These are all rent controlled buildings and it has taken about 2 years average to stabilize them at the higher value.I think there are better deals after a price correction drop - e.g., 2009-2011 and I made a number of purchases then.