Ideally, you are living a corporate lifestyle, where your company covers the expenses of many things for you like cell phones, gasoline, gym membership, car insurance, business trips & training, office supplies/furniture/equipment, etc.. other business expenses.

So if you thus net 7.5-8% on the property and finance 80% LTV at 4.5%, you should be in good shape, and it looks like an ideal property for an inexperienced self manager.And then factor in the tax benefits of the depreciation, and your true ROI should be well above 20%.

This is a great place to meet more like mined individuals that can share their knowledge and experience with you.

I've emailed most of you individually but just want to thank you all again.

.* I do not know anything about how to evaluate real estate values (but I think I can learn), or the costs of renovation.All that said, I believe that I could be successful in scouring near and far for properties with equity that could be purchased or optioned at attractive prices IF I can partner up with investors with cash and with individuals who know how to renovate cost effectively.

Hey Adam Demchik - I think it still should ideally apply.

For the banks more than individuals.

Sure would be nice to have a clear cut answer to that, but there is not.There are too many variables involved, remaing term, credit, seasoning and proven payment history, collateral, loan to value, property condition and the details of the contract including the security assignement and foreclsoure process.Best to get bids, and look in your area for other investors, including those who buy RE, your best deal might well be from a local individual looking for a good investment.

But not charging any fee doesn't open the door to act as an originator, broker or lender, especially for others.Again, there are instances where such a note may be required to be sold by an individual holder.

We are going to join our local REIA in our area for further education and to network with other like minded individuals and investors as soon as the next meeting comes around.