It's smart on the investors part as instead of paying 100k for that property cash they can now put down 20k on 5 properties saying they will pay cash.In my neck of the woods this strategy is dead.The banks require a high earnest money deposit on cash offers.Then they have an addendum that states that if the buyer converts a cash offer to financing the earnest money becomes NON-REFUNDABLE and the bank reserves the right to terminate the agreement and go with another offer.

Make sure you want it (the $1000 trip is far less $ wasted than buying the ugly duck sight unseen) If you are in fact going to buy the property, then use this time while you are there to determine any work that needs to be done before you will rent or sell it.

The flooring did not really look or feel like wood once installed.We had engineered wood installed in our last personal residence, that product was fantastic.I would do engineered wood again, but not Pergo or laminates.

It has a brand new roof.It has new OSB throughout the entire thing.Has a wood burning stove it is already set up through the roof.Has a dishwasher.

these are very rough figures and you are close to break even, which means crazy college parties with broken fixtures or hole sin the wall will cost you and be a pain in the ***, kid doesn't pay, you can't get it rented because they just built a nice new campus housing project, the property has repairs and deffered maintenance, there is mold and leaks and rotting wood your inspector doesn't find, etc. and the turnover on campus property is generally once per year - turnover means adverstising costs etc.

We are actively selling about 300 properties a year, mostly in good areas of Detroit.There are fantastic areas of Detroit, East English Village, University District, Rosedale Park, Palmer Woods, Indian Village, etc.You want to get involved in properties that are not the bottom of the barrel.

Thesee are what's called strippers (strips of wood glued and screwed to frames and covered with epoxy/glass) or plywood.

With our pier and beam houses in Texas some type of underlayment is generally needed, on top of the wood subfloor.

The property values and housing in the Melbourne area are out of sight!

I have never been fined, but as Jon stated, we have to deal with the CAUSS folks too in my neck of the woods.