I bought the house at 82k conv loan 5% down (78k financed), 30 years @ 4%, tax assessed value was at 160k back in the boom (just for simple reference) right now as a 2/1 I believe ARV to be about 115k, maybe a hair more.

I've been researching wholesaling for about a year now and would love some advice on how to get started.PS I'm sure everybody would like to know how much I actually saved up to better assess what I should do.

Tax assessment is as follows: building 70k+land 65k=135k.

Oh my Johnny, while you have some creative thinking going there, we have some problems.Fair market rents are established at the time the appraisal is done and that is the base line the future lender will go off of, not what you might state, and it will most likely change in 10 years.If your sale price is entered as the balance, a buyer could pay that off at any time over the option period, so that needs to be addressed.The down payment allowed by lender is that amount paid on an option above the fair market rents assessed in the future.

The tenants still there you can't assess the full damage until they leave.450 by 10 is 4,500 monthly X 12 = 54,000LANDLORD paying water is a major concern.

.($60) - (assessed at 2x sale price, I plan to challenge) *Insurance:..........($36) - No dataUtilities:.............($63) - Water / Garbage have no data on this...Misc:.................($11) - AdminFixed PM:...........($60) - Quoted, knownVariable PM:.......($30) - First month's rent, assumed amountAsset Op:............70Other - All cash deal, but I plan to refinance the property to pull out 75% appraised value.

If u are lucky enough to be able to get your local assessment data in spreadsheet format (purchased from your courthouse), sort the list by where the owner lives, and delete all those who live in the same state.

Karen: I'm not sure about your assessment of owners not knowing that there is a market for vacant parcels.

Even so, it does boil down to a gut reaction by any lender in a particular case.Probably not the assessment you wanted for a stated LTV, but you can negoiate and limit risks by allowing other collateral to be given, assign income, direct deposits limit risks, allowing other assets to be taken as collateral and paying more.Speaking of paying more, usury limits may be set by law as stated above, the lender needs to make sure they are in compliance and ensure the typeof loan being made is actually correctly identified.

Then prices drop as the only buyers are investors and tenants/LL's generally don't care about the property too much.As to the things to consider when purchasing a condo: I always ask % investors, condo units in arrears on fee's (hint about upcoming distress sales), check HUD online and see if the development is approved and when the approval is up for renewal, check the financials/reserves thoroughly - there is usually a fairly recent engineer report giving live-spans and replacement costs of bigger items, I also ask if they expect any special assessments coming down the pike.I think that about covers it.