Letters, postcards, phone call, knock on their doors, whatever.

The VERY LAST thing I would want to do is live next door to my tenants.

My father can do or coordinate all the repairs himself.There is an HOA fee of $64/Mo for a pool and clubhouse.I'm looking at 68% * $249,900 (low end FMV) - $10,000 repairs = $159,93270% * $249,900 (low end FMV) - $10,000 repairs = $164,930Although my agent might think it is too low (she tried to get me to go in w/ $180K but I stuck to my guns :protest: ) , I'm going with everyone's advice on here.I am starting my offer at $156,475 and will work up to $165,000 max.My realtor is having me get a Pre Approval for $157,000 (already have one for $200,000) and a $2000 Good Faith check to strengthen the offer.Using Wheatie's spreadsheet he used for another person ( I hope that is ok :lol: ), I came up with this:2 year Rehab worst case$165,000 Purchase Price $3300 2.00% Purchase Closing costs $19,200 5.75% Interest $4,200 Holding costs (24 Months of mortgage principal payments, right?)

In my state, there is a five day notice letter that must be posted on the door or handed to the tenants in person.

There are several other comparable homes nearby seling for $115k to $150k, including the hosue right next door for $115k(3 br 1.5 bth).

Wholesalepro, If only you could make a book that walks up to a person's door, who is about to become The Real Estate Investor; an arm comes out of the book, puts a squirt gun to said person's head and makes them read just some basic things they absolutely must know to even consider REI.

Obviously, I always check their driver's license (if they don't have one, they're a drunk) and I check with their previous landlords, income, etc.

I've had friends have some problems when tenants showed up to their door at home.

We painted the cabinets, filled tons of chips, changed the doors by custom ordering them for the customer in their choice of design by a company we have an account with that has them made in Mexico for about 30% american cost, painted sink, also the appliances in professional grade metalic stainless paint, painted floor tile in a high solids porcelain urethane white after an aerospace use type primer and a high solids chemically hardened chear coat, and matched the backsplash the same way.

Often, the letter will get forwarded to the owner.Knock on the neighbor's doors and ask them if they know anything about the owner's whereabouts.