Before you decide to take some big steps, I think you need to talk more to your wife and be on the same page with your strategy to buy real estate.

However, I have been talking about real estate investing with a lot of friends and family and funding is now not the issue.

Or try 700 because I know that average rent in my area is 6-700 for house in a little worse shape and older than this one.I also talked to a tax person and it sounds like you depreciate the purchase price over 27.5 years instead of just the assessed price so that helps.Do you guys think that having a higher rent leads to better tenants in an area that generally charges less?

@Tyreese Gadlin To be clear, are you talking about getting a hard money loan for the down payment, and conventional bank financing for the main part?

So, as you are talking to lenders, ask them if they are a portfolio/balance sheet lender.Mark

We can always talk more if that is a place you are looking to invest in. 

You can search ownership at the county recorder (or a title company) if you don't already know who it is.Depending on the situation, you might not need to talk to the bank at all.Keep us posted.

I currently own 4 rentals and I am always eager to talk to others about what they are doing.

BP community,Hello to all I wanted to start a discussion on Lease Purchase, I want to know how to decide when a investor should consider this solution to 

Assuming 25% of income for rent, which is probably low for what most people actually pay, you are talking about a resident earning between $26,000 and $30,000 before taxes.