I target properties that were purchased in or around 2002 or 2007.... these would be the most likely owners to be facing balloon payments in the near future ( 5 & 10 yr balloons).

I've been "challenged" three times with the threat of a suit based on Landlord and tenant statutes.

What are the rents and expenses, taxes, dwelling insurance... what "should" the rents be, have comps printed out, can the taxes be challenged, etc...

Knowledgeable, slick salespeople convincing uneducated, unsophisticated "investors" that they can get rich for doing practically nothing, and with no risk...it's got a new face, but apparently it's never going to end.

I haven't been challenged on it though.

The way it works Sharad as the case worker explained to me is this:From the time of application SSI is running behind about 2 years.She applied a year ago but since she is facing eviction they do an emergency advancement and flag the file.This is where it is at now.Then when they pull the file it is sent to the judge for a review.The judge looks at hundreds of pages for the one file.The decision takes 2 to 4 weeks.Then after that if approved a second division of SSI handles payment.The case worker said in Georgia alone SSI has over 100,000 cases to process!

Unless of course she'd assured her buyers it would lower and now she loses face/reputation...

Challenged tax assessments. 2.

It gets more faces in the door.

. / $4,166.67Annual debt service “DS”Revenues:Monthly AnnuallyRental Income$935$11,220.00 (RI)Vacancy @ 8% ($74.80)($897.60)Net Rental Income $860.20$10,322.40 NRI)Operating Expenses:Property Tax- 1800 (this is being challenged currently, but no ruling at this time)Insurance- 1000 (estimate, I will get a quote on this for sure.)Maintenance- 1200 (Estimate)Utilities- 800 (Estimate)Advertising- 100 (Estimate)Total Operating Expenses (*Very Estimated*) = $4900 (TOE)Net Operating IncomeNRI-TOE= NOI$10,322.40-$4900= $5422.50 (NOI)Total Cash FlowNOI- DS= TCF$5.422.40-$4,166.67= $1,255.73Return on InvestmentTCF/ TCO= ROI$1,255.73/ $5,000= .2511 (25.11%)Cash on Cash (Considering- Down Payment, Upfront Repairs, Closing Costs)TCF/ TCO (W/repairs and closing costs)$1,255.73/ $6,500 ($5,000 DP + $0 Initial Repairs + $1,500 Closing Cost) = .1923 (19.23%)My thoughts regarding this deal: I think the asking price is a little high for the property considering it’s age, condition (off of visual inspection from the street level only), location, what limited comps I could find.