When running my numbers I got the current rates that he is charging, and they are 30-40% less than the fair market rent value in my area.

So we negotiated for a seller financing deal with very little down and a very low interest rate How did you finance this deal?

Are interest rates just too high now to buy a rental property?

Hi Paul, Dont forget to Research the current real estate market conditions in Suffolk County, including trends in property values, rental rates, vacancy rates, and demand for multifamily housing.

Finally, while on rare occasions real property does change hands a an extreme discount to market value, in the vast majority of the time a buyer, especially one without much experience thinks they’ve stump;ed across the “deal of the century”, they’ve mispriced the actual value because of something not readily apparent hasn’t been considered.  

Last time I approached lenders I was approved for a loan with an interest rate of 9.5%, but that was when I was trying to purchase through an LLC so it was a commercial loan.

Bookkeepers who serve REIs have to have a good amount of U.S. tax code knowledge or at least have to know where to find the info.You're not going to get this for $4/hr.I think outsourcing other activities to other countries to take advantage of exchange rates can be effective but do yourself a favor and don't do this with your bookkeeping/accounting/tax advisory/tax filing/etc (anything financial).Just like Kristen Ambrose, we see really screwed-up bookkeeping records from these types of situations all the time.

The rebound came suddenly amid still very high interest rate environment.

What is the vacancy rate?

But once its sold, its certainly not making you any more money.You'll get a more favorable rate by doing a reduced leverage refinance, but almost every lender will put some kind of a prepayment penalty on there (usually ranging 3-5 years), so you won't be able to really "pull" from the equity consistently without incurring some financial implications, so it really does depend on what you are looking to do next.