Paid off the note, put 26k in our pockets and the second house is now free and clear.So, we got all of our money back, plus about 44k, and instead of 5 houses mortgaged, we only have 4, and another one we can do some financial maneuvers with in the future.edit..

I can't get a job until I graduate but, I am pretty damn confident in my financial and investment plans for the future.

Unfortunately, this is almost never the case with financial planning.

Hands down, the best financial decision I ever made. 

Financials: List Price: $129,900 20% down: $25,980Financing: $108,420Closing cost: EST. $5000Total investment: $30,480Mortgage payment: $530/month (Conventional 30yr at 4.6%)Annual rental income: $21,000Annual Expenses:  Property tax  $1200 (verified through property appraiser website)Insurance $1,200 (best guess)Prop man.$1,680 (8% of rent)Mortgage $6,360Calculations:NOI = Income (minus vacancy)- Expenses (Prop tax, insur, and Prop mgt)         = 21,000- 4,080          = $16,920Cash Flow = NOI - Debt service (mortgage)                  = 16,920 - 6,360                  = $10,560ROI = Cash flow/ Investment basis       = $10,560/ $30,480       = 34.6%Cap rate = NOI/ Purchase price                = 16,920 / 129,900                = 13.0% Cash on cash = ???

Based on the proforma financials, the 50 unit shows a vacancy and credit loss projection of 10% and the 80 unit shows a vacancy and credit loss projection of 8% - so 90% occupancy on 50 unit and 92% occupancy on 80 unit if I'm reading correctly.

You personally signed for the obligation and that doesn’t change with a change in title

Been reading numerous personal finance books and lurking BP for a few months now, but the savings are finally shaping up, so I've decided to take it more seriously :) I'm a recent college grad from the bay area who's been in industry for about 1-2 years now and I'm really interested in setting up a positive, reliable cashflow for myself to reach financial independence.

My background is a software engineer, but I want to end my 9-5 and start working towards wealth and financIal independence.I recently moved to Chandler, AZ and would love to meet some other wholesalers and potentional investors.

Or you can go out and increase your business and spend that time on something that is either financially, emotionally or spiritually more profitable with the calm and peace of knowing that your taxes were completed properly.