Well ladies and gentlemen, I completed my first real estate deal and it was a good one!!! :rock:

It was a shortsale flip in Arizona.

Deal breakdown was:

A-B Purchase Price - $150,000
B-C Sale Price - $203,000
Clos...

They get carried away in the boom upswing; then they get whacked when it turns down.

We've all seen the boom and bust first hand, and try to stay on top of the local news as much as we can.

Contrary to popular opinion, the Detroit market is booming!

If they thrash the place before leaving then the tenant was not properly screened when placed to begin with.Once a tenant knows nothing they can say or do will delay eviction starting promptly then they will start paying on time and play their games with every other bill collector or they will get out.

You really have to study the micro market there to see what is happening and why.In city parts of Atlanta here in GA you can have a war zone a few blocks away and then a really upscale nice area that Is booming.

You'll be at 8800 in rents.I'll take the 4x monthly rent over the pie in the sky deal that maybe this area will boom someday.

A good friend of mine bought a great deal of land in SoCal during the last RE boom on selling financing with substantial cash down roled over from prior deals.

I like to do it on the first day so I beat out any other collectors.

Taxes should drop to somewhere around $1,000 mth this year.This property also qualified for Gulf Opportunity Zone, Go Zone, tax benefits which was designed as 50% accelerated depreciation bonus after Hurricane Katrina.The condo units themselves appraised at around $250,000 at the height of the real estate boom when they were constructed in 2007-2008.