Does anyone has any ideas aside from the estoppel letter in terms of the best way of contacting the tenants, letting them know how to pay rent (they were dropping off at an on-site box - we are out of town so that isn't going to work anymore).

Hey there BP, Just wanted to drop my introduction.

Huge name drop when calling.Good LuckPaul

Matt, need to drop down out of the quote for your comments, hard to find what you were asking as it looks like my post. :)Not really creative, piling loans on.

Here is how I broke down the property using ~20k in expenses per year: Mortgage Rate 4.75% Length of Mortgage in years 30 Monthly Mortgage payment $762.91 (on a purchase price of 195k with 25% down) Taxes $150.00 Sewer and Water $166.67 Trash $150.00 Heat/Utilities $666.67 Cap Ex and Ops $300.00 (2 properties at $150/month each) Insurance $208.33 Mgmt Fee $272.00 (8%) Vacancy $204.00 (6%) Total Expenses $2,880.58 Unit 1 $700.00 Unit 2 $700.00 Unit 3 $700.00 Unit 4 $700.00 Unit 5 $600.00 Total Revenue $3,400.00 Cashflow/month $519.42 Cashflow/year $6,233.09 ROI 11.60% (this drops to 10.60% if you have to double your closing costs)

Bakersfield is a good market but the huge drop in oil prices has people worried.

You could hear a pin drop and anyone's conversation word for word if you were in the house.

Today we got the first confirmation that other asset managers may have finally given up on the rental conversion strategy, following the observed collapse in multi-family housing starts which crashed from 376K to 234K in April (the lowest since last summer), a drop of 142K and the worst monthly drop since 2006 when the housing market had once again peaked and was about to undergo a very serious correction.http://www.zerohedge.com/news/2013-05-16/multifamily-starts-suffer-biggest-monthly-plunge-2006-reo-rent-recovery-deadIn addition to the money-laundering aspect (confirmed previously) and the REO-To-Rent scramble by PE firms and hedge funds (which is now over as PE become active sellers of apartment rental properties), we highlighted the third implicit subsidy to the housing non-recovery:Foreclosure stuffing.

He suggests to wait for a couple days after the temperature comes up, and the hot water will come back itself.

Amazingly, we love buying when prices are going up and selling when prices are dropping.