Don’t be their buddy or you’ll regret it

It seems like from your description of how close your buddy’s trailer is, the second lit away, this is too narrow to build anything on, hence low/zero assessed value.

I am a mortgage lender and I work for my buddy doing maintenance, repairs, renos on homes from Haile to lower income.

Being motivated by feely feels to partner, like "oh we're buddies and we wanted to partner for that reason"?

There are a number of ways to have it YOUR way when investing - Ask the seller to loan it to youDo an installment down payment agreementGive the seller a note - pay him a percentage of the rent you will be collectingGive the seller a post dated check - post dated for 2 yearsOffer a blanket mortgage on another property you ownAsk seller to repair something (we call it the"Front Porch clause) instead of him doing it, he gives a check in that amount ($50,000) that it will take to do the repair - you endorse the check and give it back to him as the down-payment.Borrow SOFT MONEY on another property you ownBring a limited partner in on the deal - they borrow money on their property - you pay them back over time with a nice interest and don't forget a buy out clauseAsk your girl friend, your Mother or drinking buddies - offer a free apartment for a limited amount of timeAsk the owner to finance 100% of the deal - keep him in as a limited partner Offer 20% more for the building if the seller will take back a principal only mortgage (that is without interest) offer a balloon payment and split notes.Ask the seller to let you manage the building for a year - collect the rents and make improvements from the rents receivedOwner financing with split notes (details on this to come)Proposal to the owners daughter - make friends with the seller's wife - let him know you really want this property - beg for help - tell him you are a nice person - just getting started Offer a Hybrid offer - offer less - improve the building and give seller 20% of the profitsTry a Delayed Settlement with right of possession and subject to the mortgage - you make payments until settlement 1-2 years later.

Keep the house and use the money to add another property that you buy right and the numbers cash flow right.I actually have a buddy that I met on BP and he had the same question 3 years ago.

Have a buddy who closed deals including a 242 unit while deployed.To find out about an area go to loopnet search the are get 5 property packages find the 5 pages in each talking about why this is the best area to invest in real estate copy and paste into a word doc you now have 25 pages as to why this area is good these are your talking points.I have an article a walk around the country identifying good and better markets EMAIL me for a copy.Paul

When I realized I had a Squatter in the second property, I called my now "buddy" the sheriff.

I would say keep looking for a better deal and offer what gives you a +cash flow from the start.Cheers, Buddy

A RE investment buddy recommends Robert E Black, who he has used multiple times.