I always promised I would quit '9-5' once the 'passive' exceeded the 'painful' way of earning a living.A least with RE I look fwd to every day & every deal!!!

Looks like I will have my work cut out for me as I am a freelance musician and I took decrease in earned wages this past year when I moved states.Are there other avenues of getting capital that would be better suited for my situation?

Deal directly with the buyer and directly with the seller and earn all profit without sharing.Bringing a broker into the deal is like giving the a Christmas gift with nothing in return.Go get em'

You'll also need to earn enough to pay for that office and start up costs for a brokerage.

We give them 12 deposit slips (plus a few extra) for our deposit only bank account.

Hi Brian Porter, we did something similar to buy our properties but according to our loan officer (two months ago) the restrictions are as follow:You can get another FHA loan 3 years after the first one ORIf you move over 90 miles from the current resident with the FHA loan ORyou have a legitimate (this is one is very difficult to use) reason to upgrade your residence (like you are having a baby and need an extra room or something like that.For moving the property as far as I know when you refinance you will need at least 20%.

The potential "tenant" came to you on the day of move in and said, "look, here is the rest of the deposit, but I'm going to move in next month and prevent you from earning a months income because it's not convenient to my move-out date."

I would like to do some wholesale deals to make extra money to finance future rentals.

Any extra advice would be greatly appreciated.

Hey Michael yeah those look pretty bad, but there's good news you've WAY over conservatively estimated which is why everything looks so dismal.You include PITI as a line item expense, but then you add in your 50% rule total (10% management 40% expenses), the 50% accounts for the TI(tax and insurance) portion because that is not really debt service so that is probably a good 10-12% extra you've added to the expenses.Also you calculated your CCR which I assume is your cash on cash return.