You payments will decrease with a 30 year mortgage but your interest rate will rise to probably around 5%.

i completely agree j Martin, but you can think of it as a way of protecting your future profits from contacting due to ever rising utility bills.Brooklyn is like hipster mania and they will eat it up!

@J Martin - with the recent rise in prices are you still funding properties that cash above the 1% rule with low (20-25%) equity?

The gas in the water rises like air in the system and collects in the upstairs fixtures.

In pretty much all major markets across the country pre-foreclosures have declined, however auctions and REOs are on the rise.

Thanks Bri RI see that you are in Alameda and every now and then I do business in that area, so it's good to know that you are located there.Barbara

Normally I'm always the first person to say 'buy now' because of rising prices and hence decreasing returns across the nation, but with that amount of money I'd say sit tight.

Maybe it's a generational thing, or the age of digital relationships and perceived anonymous identities, but I would not expect anyone to accept my colleague request without my giving the same consideration as meeting in person.

Side note- use an attorney with considerable experience in lease options and seller financing.

You might even have to seek out bids from property management firms with permission from the board on your own and present those bids to the board for consideration.