The first purchase is always a huge learning experience.

Second only to fixed costs of operation which disproportionately impact the lower cost properties often leased to subsidized tenants (also rarely represented correctly on spreadsheets pre-purchase).

I partnered with him and purchased my first property here in Columbus, OH.

@Nick Henry this also comes down to how much time you have available and how much effort you are able to put into purchasing a home or building and doing renovations and then finding quality residents to live and take care of your asset.

I don't think you would actually be able to purchase and maintain the policy with $750,000 replacement cost if they think it would cost $1.3 million to rebuild. 

It allows you, the wholesaler, to transfer your rights to purchase the property to an investor.

Of course, it always depends on what your purchase price is and Dayton does have cheap homes! 

It burned to the ground a week after purchasing.

For a purchase generally application would be to review an ID, asset statements, and LLC docs if neccesary. 

He negotiated a $5k discount on the purchase price, and I moved forward with the deal.Fast forward to now - after seeing water in the basement, I hired a professional to inspect it, and the news was not great.