Most importantly is costs close to nothing if you have leftover drywall.See a video on how to perform a "California Patch" by clicking on either name for it.

Here's another other thing I'm finding - especially in the Memphis market - is property performance.

I think it will boost up your credibility because you're not sugar coating problems the seller may know about.I think you should approach the seller and tell them that is find but that you would like to be there as well.

I have used this many times on under performing properties I purchased.Notice, I did not say more acceptable.

We still take an application fee and perform regular screening (credit/background/reference/employment checks) but our expectations are most will have little to no credit history.

I'm thinking like this: First the Micro: How are MY target areas performing in terms of economic indicators?

Real income for the bottom 90% has been stagnant for forty years, and has declined since 1999.he only way to keep consumption rising when incomes are stagnant is to boost the borrowing power (i.e. collateral and creditworthiness) of households by inflating asset bubbles that create temporary (i.e. phantom) collateral and by lowering interest rates so the stagnant income can support more debt.This is why the Federal Reserve and the other agencies of the Central State have been reduced to blowing serial assets bubbles: there is no other way to keep a consumption-based economy from imploding.But "prosperity" based on serial asset bubbles and near-zero interest rates is neither real nor sustainable: real prosperity is based on rising real incomes, not debt leveraged on phantom collateral.Read More

I've been told by some that if you buy something that's already performing at the maximum occupancy, you'll be paying top dollar and the only direction that your property value can really go is down if you mess up and end up losing tenants, since you don't have room to add value by increasing occupancy.

Once you get over that hurdle and get the properties performing better, you can learn the ropes, take over if you want to, and really fix the problem.

What if the property performs worse than when he owned it??