A 2nd drawback is the fact that you are often limited with making any improvements.

I've been analyzing some deals and the possibility of using Homepath financing.I know and have looked up the basics of the Homepath program but wanted to hear from BP nation your experiences and thoughts.Also, has anyone been successful in getting the asking price down significantly or is negotiation limited because these properties are government owned?

Buying money orders is a real pain cause the grocery stores impose limits on daily purchases and only sell them in $500 increments.

Subject to or other forms of owner financing might let you get in cheaper, though may limit your choice of deals.

I too agree that the amount your allowed to borrow is really just the limit but you don't have to buy at your limit just buy what is comfortable.

The fact that he wants money fast and quit claim should say it all.If he only wants to warrant for the time he owned it in most states you can use a limited warranty deed.Anything before he owned it would not be guaranteed by him.Even if the seller did guarantee for a limited time he might not have the resources to pay when you go after him.As stated bank assets just don't DISAPPEAR.They are owned by the FDIC,in a RMBS,CMBS,sold off to another bank etc.

As long as the rent is paid and they are quiet I don't care.Now when people get in hard times I find 3 people turn into 10 people living under one unit 2 beds,2 1/2 baths.The problem is the people that were qualified credit and criminal are on the lease and the others are not.So the unknown people have not been qualified to see if they will be a problem or not.More people wear down the units faster,cause noise with extra vehicles,and parking issues.Our water is not sub-metered and is paid by us the landlord.Extra people taking a shower,flushing the toilet,washing clothes,cooking etc. runs up the water bill.Water company says people use about 60 gallons a day on average according to statistics.I know there is fire code limits but I was thinking of having in lease max of 4 people and anything over that is 50 dollars per month per person.This would cover extra water bill and help with extra turning costs with the heavier traffic usage.

When you feel that it has hit its limit in terms of appreciation, when a better investment comes along and you 1031 into it, or what?

I think the limit is $100, but I am not sure about that.

Consider too taking someone over their limit from an open authorization for rents that can be paid a few days later.