What I am saying is I think the 15-day thing is probably state statute, but the lender can probably take it up to the sale, postpone the sale, or simply cancel it.

What I was simply saying is that I would not want to risk “everything” by having a bank (that had given me a loan) have my LLC and it's assets as collateral….

Also sounds like they are controlling the conversations and not you… You are the buyer, you should be in control and asking them the questions… They as the seller should be “selling” you on why you should buy their property… But it sounds like instead they are confused to who you are and what it is you do… In their eyes… you should be simply a possible buyer… Any more than that, it can and will create confusion.All for now… Good luck!

The 2% rule is simply a screening tool that says that you need the monthly gross rents to be about 2% of the acquisition cost of a rental (purchase price + rehab).

Perseverence wins every time!

$450/mo is on the low to mid- range for 2 br and $375 is low to mid for a 1 br in this area.Here's the projected budget I have constructed:Annual Net Rent: 39,30750% Expense Rule: 19,654NOI: 19,654Cap Rate 10%After Repair Value: 196,000Repair/Improvements: (85,000)Current Value: 111,000Offer Price: 100,000 cash to close w/in 3 daysTotal Hard Money Investment/Loan: $185,000 (purch + repair)The terms I have worked out are to repay the hard money within 6 months by placing a new mortgage on the property with an agreed purchase price of $203,000.

He says that we can go ahead and close now with a low interest rate, and then simply reamoratize when we sell our old home to reduce the payments for a fee ranging from $300 to about $1200.

It’s sad but true, you really need to be a skeptic with every dollar that you spend because it seems that there is no shortage of people who try to sell you things that you don’t need, or simply skim your money out of a deal (like an insurance agent).

I am looking for advice to begin investing in real estate and would appreciate any assistance you may be able to offer.

Situation
I currently live in my deceased grandfather’s home that is owned free and clear by t...

It is simply a report that shows you what is currently attached to the property that will need to be cleared when you go to cash out the seller down the road.You want to make sure that there are no encombrances against the property that are more than what you're paying for the place!