Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

These are the numbers from the mortgage company:Closing Costs: $8,679.11 (half of this is lender points for a lower interest rate)Prepaid/Escrows: $2,211.79Payoff: $130,189 (this is the loan I took out to purchase the home initially before renovating, I put down $23,025 which was 15%)Total funds to Close: $141,079.90Loan amount (75% LTV based on $240,000 appraisal): $180,000Total Due at closing: $38,920.10Help!

@Will Jimenez I think you need to factor in the costs the minimum amount you would pay to close.

Otherwise you will leave 20% (or less) in the deal anyways.For the same amount you could buy 5 properties that cash flow $530 each with a mortgage @ 5.8%.

1) If you still live in the property that you bought using the FHA loan, I would cash out refinance to 80% via a Fannie Mae loan, for a loan amount of $148,000.00 with no MI. 2) I would take the additional 15-20K and use it to pay down the 3rd property you bought after having an appraisal to request the MI be removed.

You could charge a small amount to begin with and if you find evidence of them smoking inside there could be larger fines. 

Would it be better to send mass amounts of direct mail all at once or spend so much time calling all the motivated sellers one by one?

If the landlords are willing to consider selling their home, suggest that they can choose 2 appraisers, you split the cost of the appraisals, and then you can average the appraisals amounts from the 2 and they sell it at 4% below the averaged appraisal since they would not have to pay a realtor commission.

My bank wants to charge me 6%...but it might be due to my debt amount and I don’t think shopping around would matter much if that makes sense

And what amortization and percentages are you using for Mortgage amount?