I remember my confidence level a few years back...

Not too sure experience level but from the description it sounds like a quick rehab.

I am looking forward to 2008...already writing my goals and believe this is my "magic year" to take my ivesting to the next level.

Before I really began investing I would 'sandbox' and go to the auctions every week to see what properties went for compared to what was owed, what they were assessed for and how many of them never went to the chopping block.I slowly realized that the good deals rarely went up for auction and when bids were placed they were usually at levels that even I knew was too high.

List price $440,00016- 1 br units; one building; upper and lower units1 vacantOn site leased laundry (2 machines)Landlord pays water and gasTenants pay electricRevenue per unit(stated):11 @ 4151 @ 4402 @ 4301 @4201 @ 410Laundry $1100/yrTotal Rev $81,320/yrExpenses (stated):Gas/electric $8626/yrWater $4300/yrTaxes $8000/yrIns $3000/yrYard Maint $1490/yrTrash $804/yrTotal Expenses (stated): $26,220/yr (well below the 50% rule)Tax information: last transfer 1999; 54.2663 mills for non-owner occ.; current SEV $162,400; taxable value current $145122From the listing agent: Nice old lady has owned them for 30 years; built in '70's; currently has one vacancy; all units are 1 yr lease; half of tenants have been there for a very long time (years); other 8 units turn about 1x/yr; great neighborhood; upscale community; walking distance to downtown; roof is 4 years old; hot water heat (LL pays); "A" propertyHave not seen the inside yet, from the pictures I've seen the kitchen/bathrooms are outdated.

that makes a difference where i'm fromcieling hieight...in these upper scale homes, 8ft ceilings are a hard sell around here....

I understand the use of a "fictious name trust" it makes sense... but the "John Smith Land Trust December 25, 2007" where the land is deeded to an irrevocable trust fbo John Smith, and the trustee is some third party.As an attorney, I cannot not seem to get a level of comfort.The way I see them isJohn Smith conveys to Jon Doe as trustee of the John Smith Land TrustJohn Smith is the beneficiary, but has no power to remove the trustee or convey the property... so if Jon Doe wants to he can convey the property away, or encumber it.... further.. when the land is put into the trust I am of the opinion it triggers the due on sale clause.... if it is Foreclosed on, then the bank in not secured, and the owners are gonna get nailed for loan fraud....

i bought a real fixer upper for $30K in a nice blue collar area of town.

Looks like it has some roofing issues seeing that in the top level apartments the ceiling have caved in a couple of areas.

A clearly defined goal will give your mind a healthy direction turn it's attention.Here are some tips that have changed my life, and allowed me to reach the level of success that I am at today.