My contract had two contingencies, inspection and financing.

So your $800 would over the life of the rental be closer to $400, $480 if you will be self managing (40% not 50%).Back of the envelope analysis shows you making a net operating income of $5760 for the year if you self manage, a 13.7% ROI if you spent your $35k doing repairs.Learning these quick guidelines for analysis is a good idea to qualify or disqualify a potential property.

You make offers based on what the value is and what repairs you determine upon inspection.

An inspection is not going to be an option before the bidding period ends tomorrow, and so I will have to bid without the benefit of a full inspection if I do so...so I'd appreciate any thoughts anyone has about what might be going on here, particularly with the door.

Hi Corbin, I have used MyRental.com in the past for their tenant screening services and find them to be a very trustworthy company.I usually use their biggest service package that requires a physical inspection of the property, which is what you don't want, unless I misinterpreted your statement.From what I can tell, you can do just an eviction report by itself.

@Wade - I want to agree with you - I know what I want, I have the language, etc.If I have in my offer the requirement for a a solid inspection plan, I get the official numbers and tax forms, I have a title search and insurance, and leases and estoppels, AND have a nice OUT clause if I don't like what I see, I just don't see what I have to have an attorney write all that up?

Get a little closer to Boston and there is the awesome Black Diamond meeting that @Ann Bellamy runs and the Boston Area REIA.

You have to inspect the home check the comps to know where you're at so you don't take a loss.

Sitting on a double lot, 800 ft deep with a 40x60 barn, we had an investor very interested.It kept dropping until it bottomed at $59,900 & he had 3 offers but conv financing balked at the repairs & the mechanicals kept failing the inspections.

Does a home inspection come first before a contractor to estimate repair costs?