I had to pay back taxes of 5k, and it happened in about 3 weeks, which is super fast.it's a ranch, 3 bedrooms, brick, basement, 2 car garage, backs up to a high school. it's between Beech Daily and Inkster road.it's dirty, the roof had caved in at one point and my roofer will go there and change it soon. the hardwood in the room where the roof caved in is moldy, obviously been wet for awhile.this house will be cleaned, demoed, locked and will wait for us until we can get to it. we are 4 houses behind at the moment, so it's nice to stock pile for "rainy day".i am not revealing the price yet because i might wholesale this one. there's plenty of spread for someone to make some money on it..i have another one under contract for 66k from the MLS, but i migth pass on that one since i am low on funds at the moment.still self manage, have a 8-4 day job, a wife that travels out of state during the week and 2 monsters under 4 yrs old to take care of.yes, i think about quitting my day job daily, thanks for asking. :)

Now the price 81 times rent well under 100.On an annual basis:Rental Income 14,820Expenses         - 6,672Management  - 1,186Net                     6,962 (6.9% cap rate)PI (4%, 30 yrs)  -4,560Net CF                 2,402 (200/month) = cash on cash 8.9% year 1depreciation aprox 2,700 (tax savings 700+ depending on tax bracket)ROI aprox 13% to start and typically would increase as the loan is amortized and if rents increase faster than expenses.

@Matt R.Touché my friend touché.I sure wish my dad had bought those beach front homes 50 yrs ago, no doubt about that!

I am happy renting for now :)I am completely new to real estate, and have never invested in real estate (or REIT) myself.I am looking to use Bigger Pockets to enhance my knowledge and even invest once I have acquired some knowledge.My short term goal (1-1.5 yrs from now) is to start by buying a studio/1-bedroom apartment in either San diego or Atlanta.By buying, I am talking about taking a traditional mortgage by doing 20% down and taking a home loan on that.

I bought a 1960s bungalow 2 yrs ago with the old knob electrical panel and was warned that I should replace it ASAP - planned to, but it hasn't given any problems until last week, my handyman fixed the issue in 15 mins and it cost me $25.

My gut feeling is that the nail down hardwood may be cheaper over, say, 20 yrs...

The report shows that she has been current on all bills for the past 2 years, but has a long string of closed accounts for collections, and she says that these are tied to the bankruptcy that took place 9 yrs ago. if the bankruptsy happened 9 yrs ago I'm not sure why the closed account are still showing for the past couple years as 'major derogatory assigned to collections'.She has provided a list of references (previous landlords, neighbors and housemates), and otherwise seems ideal.

:wink: we've lived in the house for 5 yrs btw

I was 23 yrs old when I got a divorce and got the house....I purchased another home and rented out the old one.

If you can get one for a decent price, then FSBO just the trailer to the tenant to where they pay off the trailer in 5 yrs and then just pay you lot rent...no maintenance, no upkeep, cash cow.