Its gonna need 600k to fix it up, but even at that price, the cash on cash ROI is still upwards of 25%.My point is hang out where bankers hang out, goto networking events, worth with non profits and people in the community.

Scott has a good point, as usual, and his 95% of the asking price tells me somthing else.....Pricing the property right for the current market conditions is key and it appears he does that.If it's priced right to begin with you shouldn't have to reduce prices, but there are times when you won't know, as the #1 above, try to get in tune with the market and if you need to sell, don't hang on, drop it and move it.I have never done this but another method I've seen in my area is a dropping price type listing where they say the price will be dropped by XXX dollars a week until gone.

Now that I'm 10 years into the mortgage, I figure that I should hang on to it for a while longer until at least when the market turns around but I'm trying to find a way to make it cash-flow positive or at least neutral if that's at all positive.

What are in your opinion(s) is a good time of the day or night to hang bandits signs?

hang in there - you'll find something; tons of opportunities.

Well, other than them telling you that they don't know where you got that number from and hanging up.

Find a broker (sell yourself) who will sponsor you in exchange for a promise to hang your license with him/her for a specified period.

Financing land or lots is usually 50% LTV, as to financing a kit, probably not the lender wants to know if the doors hang straight, windows reall will open etc. your building skills come into play.

Hi Everyone,Great site,been lurking for a while,reading through all the forums and trying to incorporate some of the ideas I've found here.I began in RE in 1985 when I received a California RE license while employed full timein the communications industry.It seemed like everyone had a license back then.I puttogether 2 deals through a broker/friend who had been the one who encouraged me to apply for the license.It quickly became apparent to me that i couldn't do both jobs so I allowed the license to lapse and went with the steady paycheck.Fast forward to 2010 when i began investing in Memphis for cash flow.Cash deals,fannie mae foreclosures.The first 3/2 SFR I bought in Millington went really well.Tenants remain in place since purchase.The second property,a duplex in South Memphis,looked great on paper.It turned into a roller coaster ride with me hanging on while being schooled on the different PM skills required in sketchy areas.I think the wheels just came off on that one,quite the shame really.I had an exit plan that called for a sale after stabilizing and receiving full rents for 5 months.After 5 months of receiving projected 40% gross returns on deployed capital the exit plan got "fuzzy".In the future I think I'll leave those for the locals who can self manage.These first purchases I was flying by the seat of my pants.I think around Nov. of last year I stumbled upon this site and first read of the 2%/50% guidelines.I picked up a triplex in Midtown,38104 which penciled in at about 2.5% monthly.The jury's still out on that one since it was only purchased 4.1.12 and has yet to be fully occupied.Bigger Pockets has been a tremendous resource,allowing me an insight to other LL's who have had to deal with the same issue's and found a best practices formula from A-Z.Keep up the good work,Paul Talley

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