One month being accounted for in your 8% and one month for release fee.. and then figure 750 to 1500 at the same time for a turn over.. these units given the tenant base will take on a lot of more wear and tear .. so be prepared for that.. 100 a month can get lost pretty quickly.. what is the upside..  

Hi BP - wanted to hear some thoughts from everyone's creative minds on this: I am in the Richmond VA market and one of my off market leads is a person who is letting a home go into foreclosure. 

I guess I was getting a little bit ahead of myself when trying to get creative and derive value.

There are different path to make money, you just have to be creative. 

Luckily the company I worked with will do all the plumbing, electrical, interior walls and finish for us so we just need to prepare the foundation and hook it up.

When the title company, escrow agent or attorney prepares the closing documents, they simply factor in the second mortgage payoff amount into the final distribution of funds to the seller.A second mortgage should have little or no effect on a homeowner's ability to sell her home.

If you want to do low $$ deals, learn creative financing and find subject to on nicer houses. 

Viewing and touching, and comparing various offers before placing offers is what I've been trying to do, while I prepare and save money to purchase my first duplex in the Spring!

Looking for good deals in SA, TX is starting to seem pretty slim, but I may just have to get a little more creative on direct mail and go door to door. 

However there are lots of creative ways to finance that can help reduce that.