3/5/2019Sherelle – thanks for the post / questions and outline Fyi – there are some conventional loan programs that allow a 3% down payment ….I would recommend using this program versus a fha loan program if possible …this is because with a FHA loan the monthly mortgage insurance remains with the loan permanently and with a conventional loan – you should be able to eliminate the mortgage insurance in the future ……Also – if you use a FHA loan for the first home - using a FHA again for next property might be an issue …..you allude to this in your question #2Regarding cash flow analysis ….other items to factor in : utilities / property homeowners insurance ( this will be a little higher when you live in home and should decrease a bit once you convert it to a rental policy / are there any deferred maintenance issues on the house ( roof / furnace / water heater / foundation are the bigger tickets items to watch Definitely get pre approved so you know for certain what you can afford and also so you can begin becoming more familiar with the numbers …we can assist with this if you want - contact us Thanks and I hope this helps Dave Skow 

Auction.com has an estimated ARV of $600k, but we are taking that number with a huge grain of salt since any comps close by seem to be more around mid 500s.A quick plus delta of the situation as we see it:+ great location (corner lot, water front on a small lake, good neighborhood with very nice neighboring properties, close to main road).+ REO with a motivated bank seller (assuming they will be dropping their minimum each time they put it up for auction?)

If I live on the first floor and I have water damage from a shower drain pipe in the condo unit above me who is responsible the unit owner above or the HOA?

My main concern is that I don't know the weather/water patterns there well enough to know if the issues called out on the report are super worrisome and will need to be repaired ASAP or not.Thank you all in advance!

I have replaced the kitchen with all stainless appliances, new AC and Furnace, and Water heater, new sump pump, new basement grinder pump, new pool pump, new pool cover, and done a lot of painting on the main floor of the house as well.

The outside cosmetics make an impression on appraisers and not just the cold hard numbers. 

.$65Anticipating some capex for a new driveway and repairing the crawlspace which had standing water in it.Seems like a good deal otherwise.

Then venture further into deep waters. 

Also dont get over your ski tips.. your taking a junior position and as such you should make VERY Big interest like 20% or higher. or part of the profit.. because in essance your person is doing the deal with no skin in the game cash wise.. what happens in a water landing.. and the first goes into foreclosure can you stroke and check and pay the first off. 

I also drive-4-dollars regularly and have started cold calling and doing RVM's w/ personal letters as follow ups with these.