Called the guy and found out he has a a couple multi-family properties within a close proximity of each other.What I know:16-unit9 occupiedAvg rent/unit $450 includes water/elec (per owner) - I've only talked with one of the tenants.When I work out the NOI I'm taking the Gross potential rent - $86,400 and a 43% vacancy rate (in order to get actual figures) to yield Net rental income of $49k.

She was my workout partner & an appraiser.

There are always issues with rentals and the less reserves you have the harder those issue are to solve.Just because you can get a discount on an REO from what it once sold for does not necessarily mean that it will work out well.I have walked through hundreds and hundreds of homes (maybe even a thousand by now) to get the rentals that we have.

This of course depends on how quickly you wish to achieve your goal, but I worked 12 hours a day, and still had to workout and have leisure time, so 30 minutes was perfect for me.

The problem is, these unimportant tasks ultimately become part of your routine, and not only are you using them as time fillers, but you're prioritizing them over important tasks, as you've lost the perspective of what's really important.If you can get your brain to accept that you can accomplish just as much -- if not more -- in fewer than 40 hours, and if you can overcome the stigma society has created about having to work at least 40 hours per week, you may realize they you can achieve just as much success in far less time.

Some less so, like routine maintenance.

Not being snippy just seeing what you are trying to accomplish.Realty Trac and all those sites are outdated junk.They sell subscription after usually 30 free days for highly outdated data.With pre-foreclosures you have to remember not everyone wants to sell and also might file Bankruptcy or do a workout with the bank.On REO's depending on your state foreclosure laws a bank may be in the process of foreclosing but because of redemption rights,legal proceedings,or title issues they have to delay listing the property for sale.Very rarely will a bank not list a property with a broker especially on the residential side.An asset manager for a bank handling hundreds of files doesn't want to talk to you,won't talk to you,and waste time teaching a rookie with questions.I am just giving it to you straight.If you want to be successful you have to know how the system works.The MLS is the place to get the most up to date data period.As soon as I get a listing assignment from the bank the listing agreement has within 24hrs you have to put it in the MLS and send in proof to the AM.Many times we don't even get the AM's e-mail.It's uploading contract on a portal and by phone.If they don't know what file you are connected to or who you are they will just delete.This is why many never answer the phone and screen their calls.Then they call back the important ones.Some listing reo brokers will have buyers list they notify of an upcoming listing hitting the market.Sometimes if you offer and the price is good enough the AM will accept and close out the file.Other times the AM will want the property exposed to the market for 7 to 10 days to see what kinds of offers the property attracts.Now that is usually how national banks operate.Sometimes local and regional banks you can buy direct before they list with someone.Also the rules are different if you buy in bulk or buy the note at a discount from a bank.It really depends on what you are doing in how to proceed.

I will tell you from the deepest depths of my soul that I can't stand property management.You ought to here the horror stories I hear from my sellers when I list their properties.Managing is a very tough business.I think where many investors go wrong is they try to be CHEAP in paying a manager.When they buy that 1st house they believe that collecting rent will be easy.When they find out it is much more intensive than thought they now look for a manager.The problem is they didn't take this into consideration when buying and now will have a cash flow problem.So they then try to find the cheapest person possible.YOU GET WHAT YOU PAY FOR.What buyers should do is say I am going to manage myself but just in case that doesn't work out I have already priced a PM company into my offer to buy this property.This is what happens to people who don't plan enough for a fix and flip and they get stuck with a rental and a nightmare to deal with.You have to plan upfront as much as possible so that you mitigate the risk as much as possible of problems happening.For houses many brokers/agents look at it as good side income but it is not a huge paycheck for them.As soon as sales pick up they could care less.Why does everyone let themselves get locked into a 1 year contract with no provisions??

This however will become evident when you actually see how your customized set of numbers work out, and compare the result to what is necessary to achieve your personal financial objective.

For a lender to get reimbursed for losses on a loan generally they have to go through certain steps.Generally the mortgage servicing company handling the loan has a servicing agreement where certain protocols must be followed.The loan has to be put through a process and workouts and DIL,short sale,and every other option under the sun before they foreclose.At the foreclosure sale they are bidding loan amount and late payments,penalties, attorney fees,etc.