Cost was approx $35k per unit and average rents are around $600.This is a quality 1986 complex, well built and maintained w approx $100k max in deferred maintenance. 92% occupied at time of closing and I'm purchasing at roughly a 8.5% cap on actuals.The reason I liked this project was the relatively easy value add that would bring the project to a 12% cap and over 16% cash on cash within 12 months.

I haven't set up a deal through this method yet but there are a few people that I now know who are looking to exit the landlord business in a few years who will potentially be wanting to sell their properties but still maintain some sort of cash flow.

We identified it in 2011 and started really concentrating on it.  

Built in 2002 well appointed and maintained.

It obvisiouly has dropped because they paid $284kThe website showed that last year the house next door sold for $127,500, I dnt know whats the market value for this home.But like I said I may pass this up..If its goin to take 4-6 months for my first "payday"..Im just goin to concentrate on doing wholesaling..But for some reason Im not gettin any sellers calling...Ive tried contacting absentee owners, etc..but nothing,,,

Also, it's just more efficient to buy and maintain several rental units at once.Is that more or less true or is it debatable?

The banks have been doing a steady release of these REOs in an effort to maintain some form of price stability, yet the median price is still falling.

In addition, seller financing is a great way to create a hassle-free income stream from real estate without having to own, insure, and maintain property or manage tenants.

I was wondering how some of you handle this, whether or not you feel that you need to maintain a physical office and how you work around it.Thanks for your help. mrsjava

Sun, Ryan and anyone else,How do you maintain these properties ?