(Yeah, pretty freaking walking in and seeing a toilet sitting in the middle of the dinning room floor, but I assumed it was because they were handicapped) Finally after ripping out the kitchen cabinets, I found the leak in the 6" cast iron pipe.

Finally, if you go two weeks without an offer, you are still highThese are very general rules, but we feel that real estate is a commodity.

Keep in mind that this 50% rule is a quick, "back of the napkin" calculation of the expenses and NOI (net operating income) and should not be the final decision maker to move forward or back out of a deal.

So, here's the very simple analysis a lot of folks, me included, do to evaluate a property:Gross rent: $470Expense percent: 50%Expenses: $235NOI:$235Payment: $253 (7%, 30 years, $38,000)Cash flow: -$18 (loss)Now a more aggressive calculation is to use 40% for expenses, on the assumption you'll manage it yourself for free.

The final price plus the assignment fee is going to be around $259,000.

After 20 years I'm up to 54 units and almost ready to finally give up that security blanket I call a full-time job.

My contract reads that final sale is contingent on property passing final inspection.

I've had a strong interest in real estate investing since high school and finally jumped in and learned even more.Never wait until you think you "know it all" because then you'll never get started.I've made thousands of dollars on deals in short amounts of time but I never waited until I thought I had everything planned out perfectly.Sometimes you just have to jump in and get a deal started.May you never give up so that you can have your first success (and your second and your third etc) in investing!

I assigned the property over to a developer for a 35k assignment fee, did a double close with a final sales price of 263k.

I have been reading this site for a while and finally decided I should support as well as read.I am trying to invest in real estate and hopefully learn much from this site.Currently I have an active Real estate license in Ca, but I am more interested in buying and holding than in selling to others.In my pay the bills job I am a video editor and shooter.