To really contribute here, I think my best bet is to try to remember:a) Not everyone knows what I know-- no matter how basic-- and to try to share detailed information on what I've done as time permits and,b) Remember that it's not just about the nuts and bolts and the how-to, but about keeping the right attitude, and bearing in mind that my own unique way of looking at something and my own attitude and approach to life may be as big an eye-opener to another person as all the specific techniques, and strategies I use.Thanks for your time and have a wonderful biggerpockets dayDitto :beer:

This is a 1 acre lot in a very affluent area and I bet the land value is worth around 80-90$ to begin with so it may been a good deal.

Of course, if I don't want them as tenants, I just clarify the Holdover Tenant issue, reiterate the date they need to be out, and initiate the eviction process on the very first day of Holdover.The key is giving adequate notice as required by local law.

She feels that many lenders can convert the loans into long term fixed at the initial rate.

Once all the steps have been followed properly, don't hesitate to initiate the foreclosure.Certainly it is possible that even doing so, the homeowner may challenge their actions, and a State court could interpret things differently.

I forget to say :welcome: to BP with my initial reply.

In that case the best bet is the seller.

Your best bet would be to find out how long it has been on the market.

I bet they would pay up then....

But then again,at such a low $ amount, the closing costs might throw off the ratios.I have to run the numbers and see the diffences (cash on cash return, particularly) ...However, the BIGGEST problem i see with NOT getting a mortgage, is the repayment terms.8% at 5 or 7 years is going to KILL my initial roi.I will be paying out like 5-700 a month, and these places are likely to be pulling in only 560-800K a month.:( :( :(AAAAAAAAAAARRRGGGHHHHHhhhhhh!