Began scanning MLS everyday to find a deal (I am my own realtor and this is my first transaction).January 2024 – After searching deals daily, I saw a property listed that day for 219,500 two blocks from my parents home and promptly made an offer that day for 222,222.Listing realtor kept the bidding open for a week and asked for a counter based on competing bids (in hindsight I don't think there were actually other bids).

Purchase price: $271,751 Cash invested: $30,000 Purchased subject to the existing mortgage What made you interested in investing in this type of deal?

It was actually mapped out of the FEMA flood zone years ago, but they never made that new map "effective." 

There is still good money to be made in AZ, FL, GA, TX and other states, however, picking the right submarkets is key.A very good source of local analysis is rereport.com

What made you interested in investing in this type of deal?

If the home is more than $365K you would just need to run the LTV to see if it was around 80% in order to remove the PMI but again the rates still put you around 6.25% at best.I would not move out until you refinance if it is an FHA mortgage because when you go to refinance it will be treated as a "Non-owner occupied/Investment" and the rate will shoot up to above 7% again if the LTV is down to 80% to 85% Max.  

What made you interested in investing in this type of deal?

Due to new tenants, and improvements I made to the building even at a conservative 8% cap rate (my purchase cap rate) the building is worth around $1.6M.

...I wouldn't.To make matters worse, the property isn't appreciating (because it's in a low appreciation market, or even a depreciating market), and the tenant pool is primarily made up of people with bad credit, low/no income, and a history of property damage at the previous places they've rented.

What made you interested in investing in this type of deal?