It is an absolute power house of knowledge but more than the average person needs.

I need to know if there's any second liens products or no seasoning cash-outs available.Here's the scenario:Client purchasing home for $374,000 valued at $600,000.

John Beck is just another Guru pitching a bunch of half-truths and falsehoods to sell a product.

$250K is not only the gross (we killed a gross receipts tax attempt here in IL), but even as net it could be equal to zero or less than zero.After struggling for five, ten, or even fifteen years in business-- perhaps the first several years losing money, and taking on debt and enormous risks, it's not uncommon for a business owner to eek out a $30K, $40K, or $60K a year living for years before one year magically getting a single contract that propels them into Obama's mystical $250K bracket.The average for a decade or two may still come out to a mere $30K - $40K but all of the sudden after years of sacrifice, delayed gratification, and self-deprivation a person would quite literally be penalized by the Obama class warfare.The reason is simple- Obama hasn't even held a legitimate job, let alone run a business.

If it's a cheap production home, it likely only has one color of flat paint throughout, cheap carpets, etc.After you consider all the costs it would take to complete the home, the price may not be as attractive.

You should know exactly what should cost what, and what goes for what, and the average time for anything to rent in the area you plan on investing.

I was looking at both products too and thought I would chime in on the matter.

From that point, you probably want to start lower as most sellers will want to play the negotiating back and forth game, so better to start lower and do not go over your set max price.Also, identify the average vacancy rate over the last 10 years+ and include that in your expenses.

I like 2 appraisals averaged.

Many downtown markets are looking good for the type of product you are looking to do and within the next year or so we will be trying our hand at this type of project as well.