My background in real estate/rehabs has been full gut job remodeling houses that my parents have lived in as well as remodeling my current home, at one point I was a mortgage loan originator (helps knowing how mortgages/financing works), and I'm currently in the process of getting my home inspection certification to help identify issues for my own benefit was well as generate additional income.  

@Jordan McDonald Here are the two main ones: 1) Late rent: Be relentless about enforcing late fees because they'll be consistently late if you don't.

So if I had cash to rehab a property and to keep it simple lets say I can turn it over three times a year one right after the other (every 4 months) and the total cost for points, fees, interest is 20% over the year then wouldn't I be better off using my own cash unless...I have more deals than my cash can supportI can invest the cash somewhere else for more than a 20% returnIf the cost of borrowing is higher than what I can make investing the cash then what is the main benefit of using OPM over cash?

While there were many things that contributed to the market downturn, two problems were the main cause, and neither has been fixed.

3) With me being a realtor, I can list the property at a discount rate (still have to pay the brokerage a little fee) and we save about 12K in listing fees (still have to pay the buyers agent, unless I sell it personally). 4) Should we try to get the hard money, or should we be looking for a cash investor that might see a benefit of not having to pay capital gains taxes or listing agent fees, and partner with us?

I co-run the Princeton subgroup and usually attend the main meeting at Cherry Hill the same week.

@Kelly Hall and anybody else interested in meeting up to discuss real estate- we are going to meet at the Capital Ale House at 623 East Main St. in Richmond at 7pm on Sunday.

The main thing about LOC's is to always have an exit strategy to pay them off such as a refi or completing a flip and so on.

I am looking to make my first deal and was wondering what my odds of being approved for a mortgage are. I just bought a primary residence on a 15 year note so my DTI is a little high. I have just under an 800 credit...

Usually, the main condition is that you will live in the property within 60 days of purchase and will live in it as your primary residence for at least one year.