Francescon now lives in Illinois.Early in the crisis, cash-rich investors rushed in, snapping up troubled homes on the cheap.Big, Wall Street-backed firms and small players picked up homes by the thousands at bank foreclosures for well under $100,000.

I read rich Dad poor Dad and It changed my life.

We also couldn't quickly turn the rental because we had to wait for repairs so we were also out a full month of rent since we had to cover that ourselves (and not included in the total $18k)It it were less, I would write it off as part of doing business as a landlord but $18k. 

So most newbies quickly turn to trying to flip houses off the MLS and not only don't they make any money but they ruin their reputation with every investor in town before they even get started.

The key thing is to be polite and respond to things as quickly as you would want them responded too if you lived there.

I use the 1% real as a quick disqualifier on SFHs.  

We are looking for an area where houses are cheaper and can be flipped relatively quickly.

My fear is doing the refi and not being able to find a good cash flowing property or not getting a tenant quick enough and being stuck with a double payment that I couldn’t afford. 

@Matt Roberts Let me know any questions you have or if you just want to have a quick convo on what you are working on and looking for. 

It adds up quickly.