One tip: focus on areas with year-round demand and check local regulations early—they can make or break a deal. 

In one building the tenants accumulated so much junk over the course of their tenancy that I was forced to get a 40’ roll off dumpster to get it emptied for a sale.

With DSCR, credit and down payment are the major factors (plus the property itself of course) so it is very possible since a lot of the properties in the area cashflow pretty well. 

This may be because (1) until recently interest rates were trending lower so if the lender is getting a higher rate on subject note than he can obtain on new note there’s no monetary incentive to call the note (2) in the past technology did not exist to identify the property transfers (ten years ago county recording docs were not online) and (3) the lenders rather collect payments than own property.  

Let’s swap tips—I’d love to hear your thoughts!

Thank you for any tips!

MUCHHHH better and of course that leaves us with plenty of room to pay the mortgage payment so the lender is happy.Btw, I just wrote the Co-Living book for BP that comes out in Spring, you can sign up for it here!

Found this property through our local online foreclosure auction site.

right now Im practicing comping 3 random tips as a newbie? 

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.