After some time if the borrower doesn't fix the problem, the lender will take the property to auction, commonly called a sheriff's sale.

I was extremely lucky to have a 1 on 1 mentor I worked for, he had awesome massive marketing, an office, a brand, a reputation.We looked for motivated sellers, with and without equity, divorce, probate, condemned, classic "don't wanters' He taught me how to talk to sellers, buyers, realtors, etc.Currently there are 20 million homes that have little equity.

If others in the area commonly have them, this is a significant ding.

There are other common pitfalls when it comes to hourly workers, where last years income was high however the average amount of hours worked over the last two years does not equal the amount of money they made last year.

So I will assume $80K is doable.If you can live on $25K gross income, that means you are extremely frugal/resourceful.. and that your costs at at most $25k (unless you are living beyond your means).So Now you are $80K income, say taxed at 30 = $54K net - $25K = $25K of annual savings.

Having been born in Russia, I have perspective that is not common on BiggerPockets.

Here I am always able to fill my 1/1's extremely fast, the downside is most people don't stay for years like they will in larger units.

If you can point me in the right direction or are willing to share your contacts, I would be extremely grateful.

We do have a lot in common, because my two properties are in 90004 and 90016.

It is only a matter of time before an expensive repair/replacement. 35% and the numbers look great, but I think that is a recipe for failure.The other problem is 4-plexes in my price range are not common.