HOWEVER One side of the kitchen doesn't have cabinets (so I'm going to have to find the match), the floors in the bedroom needs to be finished (it looks like the former owner was beginning to put hardwood floors in it) I'm thinking of just putting carpet in the bedroom since it's not that big, the bathtub needs to be refinished, the balcony needs vertical blinds (or curtains), and it looks like the entry door needs to be replaced (or fixed where the knob and lock is, it's a knob with a plate where the top lock was).

While I haven't seen his contract yet, he told me that he handles everything: advertising, screening, writing leases, holding deposits, evictions, lock outs, maintenance, etc.

Even if the property does not go up in the next few years, you will have purchased a good enough price to lock in equity/profit and sell when the time comes, or develop as you see fit.

Opinions are welcome....A tenant has called twice now in 1 month saying they were locked out of their apartment.

I see it all the time, investors driving neighborhoods with their windows rolled up, doors locked, afraid to glance too far from their notebooks.

So, you have an asset, probably mortgaged, that is increasing in nominal value while the debt stays locked in at a lower level, and you pay it off with the cheaper future dollars.Debt is a killer during deflation because dollars are getting dearer and dearer.Myself, I'm trying to get my credit card and other non-fixed rate debt paid off ASAP.

So, Matty, locking in fixed rate loans now seems like a REALLY good idea!

When you locate a prospective property do you want to make sure that your locking up the property 70% LTV?

You lock in your owner financed rates and ride the wave.

If you play with the term, interest and downpayment enough you can make almost anything sound good.In your realtors example he uses a very long term and low interest rate to make the case... problem you'll run into is that interest rates are currently at historic lows and can't really get any lower, and you can only lock into such low rates for limited time spans.Eventually the mortgage will come up for review, and you'll be faced with higher rates, and even just a point or two higher severely changes the bottom line because of the extended term you'll have so little equity for the first 15-20 years.