I should add, I am not sure how much we spend in beer at the local watering holes where our contractors hang out.

I am hearing of some high LTV stuff and banks allowing seller seconds and people just treating money like it comes out of a water fountain 

This will help people out of there crisis and the recession in the fact that people won’t go under water and have some equity if they have to sell.

I wanted to throw the numbers out there to see if you all had any advice or if I was missing something.It’s a duplex, electric is separate but gas and water are shared.Purchase Price: 71,000Annual rent: 18,600Annual insurance: 1,200(est.)Taxes: 2,883Garbage: 290Vacancy: 1,860(10%)Maintenance: 1,860(10%)Management: 1,116(6%) 775 placement fee (50% one months rent)Capex: 930(5%)Total: 10,914Annual mortgage: 3,453.6018,600-14,367.60=4,232.40 cash flowUnfortunately management is a must since it is long distance.

It is a duplex, electric is separate but water and gas are not.Purchase price: 71,000Annual Rent:18,600EXPENSESVacancy:1,860(10%)Maint:1,860(10%)Managment:1116(6%)    750(placement fee 50% of rent)Capex:930(5%)Insurance:1200(est.)Taxes:2,883Garbage:290Total:10,889Annual Mort:3,453.6018,600-14,342.60=4,257.40 cashflowSeems like it could work, i am thinking i will have to bill the tenants for gas/water/sewer after I get the bill. 

Is there an automatic billing system I can set up?

I was at my local water hole the 9 months I spent there.. and saddled up to a nice guy who happened to be a used car dealer I asked him the same question how can you take that risk.His answer was classicSON  my clientele  will live here their entire life  they may drive to New Orleans once or twice in their life.. when I sell them the car I always get where their moma lives.. and if they don't pay we just drive around till we find it.. most of my clients will live work and die in a 5 mile area..

Get the septic system inspected. 

You work with the system in place and not against it.Being a rebel in the residential housing business will get you in trouble and eventually wear you out. 

Hello All,Hoping to get tips on recognizing and troubleshooting potential foundation/water damage.