One great tip from him that I remember: Walk around the neighborhood of the complex or building you're trying to buy, and just talk to people you meet and ask them about that complex.

No Realtor fees, no newspaper advertising fees.

(Just kidding there, don't join the hucksters doing that in lousy neighborhoods.)Another option is to do lease-options in these areas and get a cash down payment to put SOME money in your pocket up front.

I would start by getting a realtor in the area and ask them to show you properties and find out about the neighborhood.

I started in lower priced neighborhoods.

Plus, they point out that the properties are nicely rehabbed, in solid neighborhoods with high rental demand, tenants are rigorously screened, and to cap it off, the buyer may well sell the property at a big gain well before these repairs and capital expenses start hitting (remember, you presumably "captured" a boatload of equity when you purchased), at which time you can roll into another property.At any rate, if you hold the property, the assumption is that Years 2-30 will experience none of these expenses.

It literally sits on the “Wrong Side” of the boarder, between a historically not so good neighborhood and an up and coming and popular neighborhood.

He owns a 4unit multifamily in a nice neighborhood, the mortgage is around 2k a month (roughly 360k).

Based on the neighborhood and size of the house/ lot, I estimated the AVR at $65K and can place under contract for $5K.

Of course now they are in the newspaper and BUSTED.