Investors seem to be cherry picking the best as soon as they hit.

When you feel that it has hit its limit in terms of appreciation, when a better investment comes along and you 1031 into it, or what?

I get investors all the time looking for a property with just carpet and paint that want to pick it up for less than list price.The problem is that so do home buyers.They do not have to make the spread for a flip or hit certain numbers for cash flow.If the home buyer puts in carpet and paint and only picks up 5k to 10k equity with current market values they are happy.So to recap all things being equal many asset managers will take a chance on a finance buyer if it nets them much more.The asset manager might be telling the listing broker to work the finance offers to get to close and achieve a higher net.If the property needs considerable work that generally weeds out the home buyers as they can't get financing.

I'm curious how different people analyze and budget repairs to HVAC, electrical and plumbing systems in bank owned homes where the utilities are turned off?

Michigan has a 6 month redemption period so typically what we see today at sheriff sale hits the MLS in 9 months.

I am an hvac contractor in Richmond va and depending on your climate you also might consider disgaurding the system all together and installing a heat pump so it is included in the electric bill and is one less thing you have to worry about.

If you use the 50 percent rule, which is probably about as accurate of a crystal ball as any other method (and will still not hit the mark on many individual years) then, of your gross rents you would have 1050/month to count toward your debt service (principal and interest) and the remaining toward your cash flow.So, I can't tell what percent of your PITI is T&I, but I would guess it is around 300/month.

I think youre speaking of strategic plan- You have hit on EXACTLY everything that i have gone over in my head numerous times and have attempted to try and explain to others.

Andy,The markets that got hit the hardest now have the toughest competition.

I was purchasing a duplex for $12,100 and everything was running smooth until the day of closing.Closing occurs, everyone gets their check and leaves.I get a phone call from the closing company 10 minutes later saying they discovered a $20,000 lien on the property from the electric company, and that they have stopped payment on the seller's check, and they are "undoing" the closing.The seller did not reply to the closing company until he found out his check was no good.