Do i need to just leave Austin alone and go to some cheap city and buy cheap multi's there or do I tough it out here and hope to find a portfolio lender or do I try to bribe a rich friend or do I use all my cash to get into something I can refi later.Any suggestions would be greatly appreciated.Chris

I think part of it comes from people not knowing what renovation work really costs, they see the prices at Home Depot on stuff and think, "oh they repainted the place and a gallon of paint is less than $20 (the cheap paint, not the paint I buy) I bet that cost them $1000 at most to repaint the interior!"

The issue was actual delivery and installation.

So I get an email from my maintenance guy with a photo of a large pile of garbage that was dumped on my MF property by some scumbag who was too lazy and too cheap to take it to the dump himself.This isn't the first time this has happened, but this is definitely the biggest mess.

Wholesalers should be trying to find the run down properties in lower income neighborhoods on the cheap."

These things are so cheap now a days

This means that other owners are getting increasingly smaller returns, forcing them to either sell cheap or get foreclosed on, in which his LLC then continues to buy up the rest.

A lot of new comers used Google's voice; I think the best thing gets a cheap cell service and answers the phone when someone calls.Joe Gore

Some food for thought :)http://www.biggerpockets.com/renewsblog/2014/02/25/why-you-should-not-buy-cheap-houses/#comment-152017

You can find properties that are dirt cheap and have sky high theoretical returns, but they are in rougher neighborhoods, and your vacancy and cap ex reserves will need to be higher.You'll find other properties where your acquisition cost is higher and your return is much lower.