Expenses (in addition to P&I, insurance and taxes) being 3% vacancy, 5% repairs, 10% cap ex, 7% property management.  

Greetings All,A few newbie questions here regarding purchasing foreclosures at auction, specifically in Gwinnett County, GA: - How is title insurance typically purchased on a won bid?  

You can hire an attorney to do a 'quiet title' where they contact all the lien holders to negotiate a deal with them to clear the title. 

@Charles S.The 50 % Rule States: That 50% of gross scheduled income (GSI) goes out over time to cover expenses not including debt coverage.The 1%, 2% and the 50% rule is meant to act as a quick analysis tool, to insure the deal is actually deal.

Once I get a seller to fill this contract out I then submit this to what is known as a title company?

Can someone explain me exactly what happens during title and city search.

Great area - here are my numbers: Monthly Annual Purchase Price 168,500   Monthly Rent 2200 Cash to Close (20% + $4k close costs) 33,700   Annual Rent 26400                 Property Tax $375 $4,500     Insurance 100 1200     Mortgage 835 10020     Vacancy (5%) 110 1320     Repairs (5%) 110 1320             Total Expenses $1,530 $18,360   Net Income $670 $8,040   Net Income without Mortgage $1,505 $18,060       Cap Rate 5%       Cash on Cash 24%    

Upon closing, insurance said it needed a new roof or they wouldn't insure it - damn, $2200 spent right off the bat!  

Considering the cost of the mortgage, insurance, taxes, and monthly maintenance, which place brings in more cash?

PROs:Adds a level of professionalismAccess to MLSNetworking with other agentsAccess to resources of TREC, TAR, NAR, SABOR, & other groupsListing your owner propertiesAbility to earn commissions (or given them up in order to get a deal)Ongoing education that keeps you at the forefront of the market, legal issues, & trendsCONs:More liability (assume professional liability)Some people just don't like RE agentsRealtor - often considered the last bastion of hope for people who have failed to launch a  successful career in anything else.Dues, Fees, Insurance, Expenses in GeneralSubject to rules and laws that don't apply to non-realtorsHaving to work with TREC (they are just very slow and cumbersome to work with)For me, I find it worth it to be a professional in my field.