So basically if I can invest in LA, I would have but at this moment there is just no way I am going to take on such a big gamble on a slowing market.

Let us know as your adventures in real estate grow!

I believe wholesaleing or bird dogging (ill find deals for other people to make a few bucks to start saving) will be my start on my adventure.

Assuming a mosdest gain of 5% appreciation a year after 5 years the home is worth $638,000 and you still owe $500,000.Always remeber that with a Intrest Only loan you are gambling on your home appriciating.

The real adventure begins if the other bid wins also.

New to forums, new to this site (my only forum adventure), and new to pursuing any more knowledge with making money in real estate, which I hope to lead to profitable action.

This is another area where networking may be of great help to your future business.Best of luck in your real estate adventures.

The ARM is going to start adjusting, but if you want to gamble and think rates will go down by when the rate starts to re-adjust, an ARM may be for you.

If it's a land locked lot, meaning there is no access to it except through someone elses land, it could be quite a gamble and may pay off big time.

Welcome to the forum and your adventure in rental property!