Plus with the new sales price I should be able to bring the assessment down as well, leading to some additional savings on taxes there.I have two possibilities for this property, the first being to get it refinanced by a bank ASAP to pay off the seller financing and bring the debt service down by about half.  

Of course, the bank insisted upon the $300,000.Nonetheless, if the appraisal you get is way off from your asking price, you will have no choice but to lower. 

The ARV should be around $75K.I just called my bank to make sure I was not missing anything when it was time to do the refi.  

Financing may also be an issue, depending on how picky the bank wants to be.

We just decided to put it into a savings account with the bank we want to use down the road to develop some sort of relationship with them.

Now wont the bank check your debt to income ratio.  

Johnathan.. what you also had and you may or may not know was the strategic foreclosures in NV CA and AZ.and the banks could not legally get deficiency judgments at least early on..

Hi all, we are looking into doing BRRRR in Lehigh Valley area (mostly likely Easton), and one piece of advice we got is that we should line up a local bank before going into projects.

I'd like to explain my particular situation: I'm not here to make big money.

Most banks will, and that may get you over the DTI hurdle.