The only reason I used my home's equity is because it only cost me about $175 to close the deal v/s all the closing costs associated with a commercial loan.Our home is currently on the market (for about a week now) and the sell will pay the mortgage off, the equity line, and leave plenty of cash for a nice down payment in the next home as well as pay off a lot of other debt.The property has only been ready to lease for a couple of weeks now.

However, even if we use your numbers, this is a very poor deal.Gross Operating Income $1,519,291 $1,559,291 Less Expenses $518,179 $472,297 Net Operating Income $1,001,112 $1,086,994 Debt: ($9,975,000, 20 year, 7.5%) $964,296Cash Flow: $3,086 per month ($36, 816 per year) or $14.82 per unit per month.If anything is not as you hope or anything changes (like your debt adjusting), this could easily lose a lot of money.Using more realistic operating expenses, this deal is even uglier:Here's how I would evaluate this deal:Gross Operating Income $126, 608 per monthOperating Expenses: $63,304 per monthNOI: $63,304Debt: $80,358Monthly LOSS: $17,054I would suggest contacting the National Apartment Association or another apartment/landlord association and researching the operating expenses issues.

Has anyone attended the Greater Westchester Real Estate Investors Association - GWREIA meetings?

I'll have to deal with double the fees associated with getting a mortgage.

Hello all, I have approached my cousin, a millionaire stockbroker, about the possibility of starting a partnership wherein, I would find the properties, put together a business plan/investor package, and then together we would market these properties to his contacts and associates and start a partnership that way.

DO consider finding a deal that you buy as an investment that is not where you choose to live.One successful FL investor advocates renting until your investments can cover the cost associated with buying your primary residence.

I would suggest getting started by joining your local REIA (real estate investors association).

In general the land has to be fed through high Association fees and taxes.

I guess I was hoping for a website or service similar to what I found when I used to live in Memphis.There was a small company that actually kept surveys & researched the rent amounts for different areas then sold that info to prospective landlords in the form of an "almanac".

I would like to do a end of the year survey of all the tenants satisfaction, etc.