Not sure BoA is only bank to screw this up, but sure speaks volumes about large banks and their lack of personal concern or attention to detail.

I've always been fascinated with real estate even to the point where I actually went and got a sales person license in 2006.

I also got a detailed list from her of ALL issues with the property that she knows of, which included a lot of deferred maintenance.@ Peter, thank you so much!

If we were to attempt to work out all the details, it wouldn’t be much fun to discuss.Originally posted by J Scott:The OP wasn't discussing (as far as I could tell) debt-free investing versus borrowing.

Frank Luongo,Do you mind sharing details?

If that makes sense...........I've written lots of long posts to this effect...without going into again in detail, I'll just agree with Wayne

I'm a meat head football coach who has always been fascinated by real estate.Thanks for the heads up Michelle I had no idea.

That's basically why.Now for some details.

It is:Gross rents x 50% = Cash Flow before debt service (the 50% includes taxes, insurance, property management, utilities paid for by owner, maintenance, vacancies, etc).Once you have that number, subtract your debt service payment (principal and interest), and you will have the cash flow.Without the actual rents or your loan details, it's hard to provide an accurate example.

Without knowing all the coverage details, that seems extremely high to me as well.