Of course generally I just told the seller that his mortgage was not very valuable, that they generally sold at really steep discounts and (judging from his runny nose) that he would be really lucky to get 50%.

It says good condition, newer roof, etc. and it was built in 1980.I agree it's better to factor in maintenence, etc.

Or the weather knows you have the roof torn off so it is time for the 100 year flood to come rushing down from the sky.Six.

.$4100 monthly gross rent$2050 monthly expenses - includes taxes, insurance, utilities, advertising for new tenants, making the place ready for new tenants, evicting the non-paying ones, vacancies, legal costs, the new roof or heater or other major repairs that come along once every few years but that you had better be saving up for each month.$2050 monthly NOI - net operating income.$3000 monthly payment on $450,000 at 7% for 30 years.$950 monthly loss.So, for only a little money up front, you can acquire a property that will suck $1000 out of your pocket each month.

Or, maybe you'll need a new roof two months after you buy it.Just so you know you're not the only one getting fed this line of bull, here's a quote from the weekly flyer of a local wholesaler:[Address], buy at $57K, fix up at $5K, you're into it for $62K.

.* They claim to be working in your neighborhood and just happened to notice some sort of repair needed on your house, such as roofing, painting, or cracked portions in your driveway.* They offer a special price or discount claiming they are in the area and will knock off a portion of the cost due to excess materials from other contracts.* You may be told you must act right away to get this special discount pricing, and you may be asked to give them money up front before starting the work.* They offer you a discount price if you allow them to use your home to advertise their work.

I've been ripped off on projects they managed for me, I've had them place tenants that had just been evicted from other properties, I've had them ignore tenant complaints about leaks and other MAJOR issues, all of which became MUCH worse due to negligence, I've had managers fail to get occupancy permits and have paid a steep price for their failure to do so, and on and on . . .If a manager has done something wrong, it has happened to me.I'm a bit jaded now, as I'm still dealing with the fallout from this 5 months later.Want my advice?

Roof 2005, 2x100 amp breaker panels.

It also needs work but it does have a metal roof and replacement windows.Gary

Our offer was ALL CASH, 2 week closing, no contingencies, no inspections, STEEP DISCOUNT.