It’s a million dollar loan and it’s barely producing 1.3 DSCR.

I went from barely being able to afford the first deposit of 3k in late 2010 and having to borrow the 27k to closing and selling that first place 3 years (for rehab - and a year to sell)later for a profit.

I live in the south, and the majority of people in this area will barely allow me in their living room (not the same as up north), but let alone to get to the segment of the population that are experienced, AND willing to bring me on - that's a major problem, and its a disservice to overlook that this can be downright impossible if we just go with the regular go to church, REIA meetings.

They just quoted me $80/month for the bare minimum and a $399 set up fee.  

I guess the more experienced you are, the easier that is to do, but why buy something that barely works?

I'm currently house-hacking my first property but there's so much more to learn and I feel I've barely scratched the surface.

I also know people with "net worths" into the millions but barely enough cash flow coming in to cover their debt ratio. 

This guy barely makes enough income monthly to cover rent. how is he going to pay for other expenses like food car utilities schooling etc. after he uses up the proceeds from the sale. 

At that rate, $2200 a month would BARELY cover those numbers if/when you leave (that also isn't including PMI), and does not leave any money left over for repairs, turnover, property management etc.           2.

The property appraisers office has the the property value listed at just under $20,000 but because the home was built in 1930's and might need some inside work, it might be less than that but the big advantages is that it's on a paved road right inside town and near commercial properties, heck even if I could make $5000 profit from the sale after I took possession, I would be tickled pink.