How risk adverse are you and do you want hands off??

I wanted to start this thread to document some of the challenges we're facing and hopefully later post some tips on how to overcome those challenges (assuming we do :).Here are some of the challenges I posted today on my blog (reposted here so we can start the discussion here on BP):We closed on the purchase of The WI-1 House a couple weeks ago, and I'm up in Milwaukee again this week to continue building the team and preparing for the rehab.

The line on the appraisal that will trip you up is "Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?"

So, if you're in the 25% marginal bracket and your state/local taxes are 9% (for example), you should keep aside 34% for taxes.That said, this is tremendously conservative, as your marginal rate will only apply to your highest amount of income (most income will be taxed at a lower rate as marginal rates are on a sliding scale) and you'll likely have deductions that will offset some of the income.So, if you set aside this amount, you should have some left over come tax time, but should also be good in a worst case situation.If you want to be more precise, fill out a 1040 with your actual income and deductions after each project and see where you stand.

It's hard to overcome stupid so prepare yourself to actually KNOW real estate and all the different opportunities this industry affords. 

@Julie Marquez, that's the great thing about it, you can always grow and with each obstacle you overcome you can get more comfortable with being persistent.Thanks and funny you should mention blogging, I'm working on it!

The reason why you buy right is incase this happens you're not left with the bag and you certainly don't want to let it foreclosure and affect the mortgagee adversely.

Work to overcome their objections 3.

If they object to that thought, ask why and overcome the objections.

New trade lines•Newer trade lines lower score#4 Type of Credit 10% of score is based on the mix of credit type•Looking for a good mix (revolving, installment, mortgage, etc)•Finance company installment loans score adverse.