My wife and I were planning on funding an emergency fund to cover unexpected maintenance and vacancies, but were hoping to keep that money and finance the property with a 100% or 95% loan.

This is slowing up and with a buy and hold mentality (especially if you make it a point to not expect anythig but everything covered expense wise), you should do [email protected]

:roll:Oh, I removed items regarding more than one story or basements, and other things I knew did not apply in my situation, parking, vehicles, multiple units, which were covered in the checklist at the site below, a Minneapolis list.

. ($350)One is on social security and is disabled – other pays rent cashiers check ($275)Unit mix 2 x 2 bd/ 1 bth Here are the numbers:Price $26,000 (they will only accept cash) I can come up with about 10k in cash but would have to take a personal loan to cover the restGross Rent: $7,500 (100% occupancy consistently)Expenses –A) $1975 (owners claims with property mgt included)OR –B) $3000 (if I assume a 40% of rents =expenses) NOI:$5,525 (if use A expenses)OR$4.500 (if use B expenses)Even if I was to 100% LTV at a $26K price at approx 7.5% Annual Debt Service would be: $2340So Annual positive Cash Flow would be: $3185 (if expenses A – owner claims) (or $265 a month)OR $2160 (if expenses B – using 40% of gross rents) (or $180 a month)Repairs known (before property inspection) needs new exterior and interior paint (additional $1,500), Roof is approximately 10 years old The money seems small but consistentDuplex Located in Buffalo, New York There have been a lot of foreclosures in that area – some I can tell were investorsOn the plus side, these tenants don’t seem like they are going any where soon.

I guess that makes sense as they probably want to cover their own tails....and in most short sale situations the seller is in danger of the bank requiring them to sign a promissory note for the difference if any debt is to be forgiven.Have you really seen anyone sign a promissory note?

This business is about taking CALCULATED risks, so we want to make sure we cover it all.

The lender's policy covers the lender for a new loan.

That would cover you.

For instance, if I buy 10 homes at 100k, that only bring 1k each a month - that just covers the houses.

It's a compan that I've done work for that has appraisers covering almost all of California.