It was a wholesale deal and he brought buyers to the table who eventualy enabled us to close the deal.

I believe this may have been grandfathered-in, but I'm not sure...Nothing was brought up at the inspection.

Yes I think it's important to see the property for the reason Brian Hoyt brought up.

:(Below I revised a few of my numbers, namely the cash I brought to closing, which ended up only being $51,700, and also adjusted assuming I successfully manage the place.

What borrower can expect for an SBA loan is different than the process/docs required for a hard money loan or say a church loan.A knowledgeable broker should easily be able to impart their knowledge as to how a particular lender and/or loan program works or what the current market appetite is for a particular property type is.That, and a good broker should be willing to spend the time and work pro bono while they approach lenders.

Hey everyone, after years of watching DIY Network, reading every book I can find and listening to hundreds of hours of podcasts, I figured it's time for me to take a more proactive approach to real estate investing.

If you are basing a purchase price mainly on the income approach, then having access to a couple of years of P & L statements are absolutely critical.The gross rental income will include your vacancy rate.

I have tried craigslist for my area but it looks like there are a couple investors using it heavily already so I would like to try a different approach to find sellers.

(This is a very important question - too much detail to go into)This is just 30% of the work for one deal that continues to give indications it is a good deal, most of the time (95%) you will not get this far before you ween them out of your sights.It is called due diligence.I could write a whole book on this alone but this is it a nutshell, which really doesn't encompass everything that needs to be done to see if this is a good deal to invest your time into.Time is money and money is time.Don't chase everything you see or do not try the shot gun approach, hoping one sticks...

Basically I just signed up for the Joint Venture program with Richard Roop who leans towards owner financing using creative strategies and a long term hold approach.