My examples:Metro DetroitPurchased 3 houses 3/1 during 2010Avg purchase price 25kAvg rehab cost 7kAvg Rent $825Rented all 3 with a yard sign and before the rehab was finished..non sec 8.. 2 of the 3 tenants had a foreclosureYou can do the math :cool:

I think Jon's math is pretty good.

Say first mortgage is for 60% of actual property value, and lender will do 80% CLTV, then they would give a HELOC for roughly 20% of actual property value; those numbers are just an example to show how they approach the math, your lender's actual numbers might differ.Originally posted by George P.:...can one do it for a non-owner occupied property (the title is in individuals' names)?

I drive to my job doing what(You guessed it) mortgages, I come home and between the kids, school (Yes I'm in my 30's and I go to school full time- I'm jamaican geez we like having tons of jobs) I want to search for homes instead of doing my homework- Its the last thing I think about before I sleep and the first thing when I wake up- I will talk and gush about it like a lover if I found someone willing to listen long enough..A great house or a great deal actually gives me butterflies in the stomach.

It sounds like you've done your share of the home work, and I'm interested in following your progress.. so make sure you keep us updated.

When you find out seems to be a perfect fit for you (successful, experienced and someone you 'click' with), make sure to show that you are 100% committed and have done your homework.

All liens and back lot rent is wiped out when you get title to the home. Works

If you get a solid bid on a job, then you assign your purchase contrcat to someone, that contrcator will not be required to honor the bid made to you and your buyer may not be happy.I would assume he would do his own homework!

me and my wife are buying houses for 10-15 thousand at 6.5% and renting at 600.00 a month, do the math. these are C properties at best and renters are kicking down our door and blowing up our phones trying to get in.

Check your math; 47K + 18K = 65K where I'm from :DYou need to establish the ARV (after repair value) from sold comparables, since that is how an appraisal will approach setting the value.