Value is based on tax assessed value and verified by independently certified valuation; or full appraisal; member pays cost for appraisal.

Don't trust their numbers, verify everything.

. ---------- We look at verifiable income (gross) and income equivalents (such as housing subsidies, utility subsidies, food stamps, etc.) for meeting our 3x rent requirement.

Get an inspection, get title insurance, verify the tenant's presence, verify what the actual rent will be should that tenant move out, find out the market value of that house ($12.5k sounds great unless it's only worth $4k) and find out what area you are buying in.

Plan for 25% down (after repair value) plus reserves.Either way I first spend my time figuring out the true condition of the building and verifying the location quality.

The purchase price with repairs is 110k (verified with estimate) and ARV will be approx 275k.

If I was a seller and you did not have a pre approval letter from a bank that could be verified I would say NEXT.Joe Gore

Are you able to verify the values of these homes?

You just enter your rental unit addresses, and then enter your bank account info (you need to send them a voided check to verify).

Fortunately, you can trust but verify easily with a few invested minutes online.