We recently received a low appraisal on a home that needed significant work.  

Two days after deadline he calls me again and tells me that he's received an offer that's "unbelievably higher than mine, like $40k higher".

Let me set the scene:Friend on FB announces he tried to sell his property via auction but was unhappy with the low bid offer he received and declined to sell.  

Hey fellow BP.I found a duplex in Brooklyn NY, I will go see the property tomorrow with the broker. however , they all keep asking me for a pre approval status.The house is listed for $420k, I plan to put down $150k . i am left with $270k loan.How much money do i need to have in my bank account in order to receive the full $270k ?

During all the stress and work we received a call from our direct mail campaign, put it under contract, found a buyer, and we closed yesterday profiting $9,500.  

I read them on one of the books I received from Bigger Pockets and thought they were pretty straight forward rules.  

I set up a Google Voice number to receive calls and catch voicemails.

I purchase property under market value with leveraged dollars and receive great tax benefits from doing so.  

Additionally if you have a windstorm mitigation inspection report or devices you can receive a discount on the premium.  

You are off to a good start I noticed you have received a vote,  and an award for completing your profile.