Mikeit is an option thats still on the table. i am not sure how people are in this market about lease options and contracts like that..plus alot of my contacts would be through MLS b/c i have no foundation, help, or contacts of my own so i would also be dealing with "regular" agents who don't quite understand the process and won't be able to give the seller an accurate idea of what the heck is going on. i need to first find out how to have no budget but still find sellers in preforeclosure. i need to find the business/legal papers and subscribe to that although i am sure the other investors have that lead as well. another idea that i saw through Armando Montelongo's book was to contact divorce and insurance lawyers to tell them I am interested in buying their clients homes.

You can do that by simply running ads, going to that county's assessors office and asking for a list, subscribing to that county's legal newspaper, going to banks and asking about homes in default, etc...

You're missing maintenance, property management (even if you do it yourself), legal fees, advertising, and capital reserves (e.g., that new roof that will eventually be needed).

Often appears to be less because only the most obvious expenses (taxes, insurance, utilities) are included and others (maintenance, property management, advertising, legal, evictions) are neglected.

50,000 purchase price 5,000 seller concession 1,150 gross rents 575 expenses (50% gross) 6,900 NOI (yr) 690 Vacancy/Rent Loss (yr) 6,210 Adjust Rent (yr)10,000 dwnpayment (20%)40,000 loan 7.5 rate (%) 360 termNo points 2,000 legal/filing fees/misc. feesThe second part of the loan is an additional 30k which I get disbursed as I move along with the rehab.

Shizane,If the rent is $1100/mo, and your expenses are $550, the $550 includes taxes, insurance HOA dues, maintenance, property management, legal fees, etc.

Most larger areas will have a legal library, and a landlord tenant center (for a lack of better words)...

Basically a way to be in the black, while legal showing that you are in the red.Anyone out there get into REI investing for a reason such as this?

You will not only lose money due to the lost rent, legal fees, and court costs, but tenants often do a lot of damage to the property.

Hmmm...You should probably check local law for clarification, but the fundamental reason you are (AFAIK) required to provide a name and address (in re LL/Tenant issues) is for legal service.