In addition to the expenses he listed, you also have advertising, damage done by tenants (above the security deposit), utilities paid by owner (even if the tenant usually pays the utilities), office supplies, management, maintenance, tax preparation, etc, etc, etc (I could go on and on).

Apparently his ad worked well with the rest of the group, as people were lining up in droves to put down their deposits.

In addition to getting 3-4 years of income and expense statements, the ofer is contingent on receiving rent verification statements (to include amount of security deposit held by landlord) from EACH TENANT.all cash

If you gave them a 5k deposit and got pre-qualified they would fly you there and give you a 3 night stay.

I setup "bank" accounts for security deposits (physically held) and current liability accounts for the sec. deposits as owed.

Even on inherited tenants I always switched them to MY LEASE, same expiration date.Part of your due diligence is to verify rental and SECURITY DEPOSIT amounts.

It's enough to put down a deposit and do some cosmetic repairs.

My first deal closed today and I just deposited my check into the bank.

How about $0…My consideration or earnest money deposit with a private seller (with no realtor involved) is $0... with a twist...My purchase and sale agreement says something like...

I deposit my salary in theaccount where I am first holder and my brother deposits his salary in theaccount where he is first holder. 3.