:)I'm always amazed at the coating of Teflon commentators and gurus have.

@Chris Penny I agree with @Chris Mason but there are outlaw "lenders" out there they do overcharge the borrower and hide behind "service release premiums" where a broker can only charge a certain amount unless it is a non QM type of transaction.

I wanted to share with you my most recent purchase and let me know what your thoughts are on the numbers for this house.3 Family House with 6 Garage/Storage Bays Apt 1= 3 bedroom/ 1 Bath = $975-1000Apt 2=2 bedroom/1 bath = $875Apt 3= 2bedroom/1 bath= $875Garage Bays are rented at 50-70$ a month = conservative number (~$330/ month) Total Gross Monthly Income= $3,055Total Annual Gross Income= $36,660Property purchased for $80KMortgage (Includes: Taxes, No PMI, Landlords Insurance) = $760/monthAnnual Expense= $9120 Expenses @10% Reserve = 3666 ( I usually keep 10% as a reserve, as a “just in case” fund)Total Annual Expense (Including 10% “Just In Case” fund) + Mortgage/Ins/Taxes = $12,786Annual Income after expenses I am hoping to net $23,874 I bought the property really low, I put a fresh coat of paint on it and am doing some upgrades to make it appeal to tenants.

Every penny you would have spent on a guru is better spent on marketing for deals.

What he ment was even though many times a meat shop is working with only a few pennies a pound profit you can make good money if you "plug"the holes.

AS stated 2 thefts are a harbinger of things to come.. cheapest 1000 you ever spent if you change your mind I will bet.. there is a lojack for condenser units.. its one of the first things I look at in the areas we invest.. are the units caged.its usually the copper they are after you need really tough copper recyle laws to combat this like in CA .. in CA copper theft is automatic 5 years in jail...

Apprehensive to rub pennies with a stranger at the moment...Well - what would you do in this situation?

Originally posted by @Penny Barnhart:I just purchased a house at auction, fixed it up and put it on the market in a little less than 60 days.  

Bring your winter coat!!!

The property is worth every penny of asking, but my mortgage broker is certain it will not appraise out.