It is important to educate a tenant to think wisely about their monthly expenses, I think we can all agree that a roof over our head is more important than going out to eat nightly or buying a new car.In my experience you can really tell a lot by the tenant with how they evaluate their own expenses.

Know that the problems are coming, and eat them for breakfast.

That already eats away at the agreed credits a seller may allow.

We got it down to about 169,000 in just under a year by taking some equity out of the house, 401K and literally eating peanut butter and jelly sandwiches daily.

And of course the first place I eat, every time, when I get in town is Demos'.

Personally, I'm ok with eating "some" costs ok that first house because it is a very nice house and in the long run, I'd like keeping it.

Same if they want to sit at home eating crap all day.

One rough eviction where a tenant strings it out and tears up the property, can easily eat up a year or more of rental profits.

It depends on what you could buy it for and your liquid cash left over to take down deals.If you have 100k to your name and the plan was to buy this property and see if you can turn a profit then I say you did well to pass.If you had 600,000 in cash and bought this for 100,000 and still had 500,000 to play around with to grow cash flow ahead of inflation then it might have been worth a shot to go for it.The property taxes will eat you up for carry costs.

I'm comfortable going back at $84K since that was my original max bid and that is what my bank has alread written a pre-approval for, but $85K starts eating into my already thin margins.