We had a deal fall through last week, as a bank through Gazprom failed to give a mortgage to our buyer.

Banks may come down a little, but you're not going to have much success offing $50K for properties that are listed for $100K3) The selling bank is going to do everything in its power to make your deal fail.

However, I fail to see how that addresses the REAL ISSUE, which is that the tenant is running a drug house and is allowing the convicted criminal to stay after he was supposed to be gone (although this is really the landlord's fault).Talking about the dog when things are so serious that the landlord felt the need to install security cameras and is buying a gun, just doesn't quite hit the mark.Mike

My prediction for 2010 is over 300 banks will fail and if we get a domino effect, could be the most EVER. 539 in 1984 is the record.

The property is comprised of Irish tavern on the ground floor and basement, the first and only all draft Guinness bar in the world.

As for screening, I failed with this one.

It's also probably going to be a lot more expensive to purchase than in a failing economic area with a diminishing population.

To all the new investors reading this, please take this to heart - if someone buys a property from you and fails to make money, it is not your fault.

I have never failed to find a tenant using this method and I've never made a drive down there for nothing.

In this case it sounds like the property fails even in this category.