Therefore, in your case, operating expenses would be about $1,040 per month, leaving $1,045 to pay the mortgage and for cash flow.

I collect the $5k up front as "Non-Refundable Option Consideration" and "IF" they exercise the OPTION, the $5k will be deducted from the purchase price of $165k, leaving my Tenant/Buyer with a balance owed of $160k.

I'm in Iraq, and won't be home until June for leave, and then I won't be back for good until Oct'ish.

I hope within a year I can leave my currant job in southern ct and move back to Farmington Valley area working for myself in rei.

Does the water leave a stain in your toilets?

many mortgage bankers follow specific guidelines in order to sell their notes, like right away.if you decide to use Hard Money - you'll have much more flexibility in terms of being able to put less down, invest in different types of properties and present your investment strategy, rather than just the property itself.what i'm saying here is, if you buy a house and use Wells Fargo - they're not going to be concerned with something like the ARV (after repair value), whereas a HML might loan you money based on that - which grealy enhances your investment options.i know that doesn't make sense right now, but with a little research - you can come to understand the old saying:there's more than one way to skin a cat...being new, just be very cautious what you get yourself involved with.

I would then ask if it was ok for me to do any work outside(maybe even some indoor work), then start work the first available opportunity (no later than the day after they leave).Brett

However its still really hard for us newbie investors with no proven track record to get a bank large or small to give us a loan on an investment with none of our own "skin in the game" so to speak.

What the first bank is telling us is that they are going to take the full amount of the debt owed to them and leave only 5K for the second debt holder.

Normally I would recommend getting as high an assignment fee as possible while still leaving money on the table for another investor.I wouldn't think so much about how much to charge as an assignment, but what price could I sell this house for and it still be a good deal for an investor.