I have heard that, there may be possibility to get an FHA but only after 3 yrs after bankruptcy has been granted.

Purchase price:         235,000Down payment 25%: 58,750Balance: 176,250 @ 4.12% for 30 yrs. / 854.00 per month or 10,244 debt service/yearActual rental income  575.00 x 4 = 2300 per monthAnnual gross rent:           27,600Less vacancy 5%             1,380Effective rental income  =26,220Real estate taxes       2,867            1.22% times listing price assessor rateProperty insurance       700Off site management    900  Tenant manages for 75.00 per month, includes gardeningWater                           2100.00Common area electricity 120.00 yr. / 10.00 monthly, light in parking, light in laundryTrash                                744.00 Actual billings, 62.00 monthlyTotal operating expenses 7,431.00          28%NOI                                   18,789                  8% cap rateDebt service                     10,244                 1.84 debt coverage ratioCash flow before taxes      8,545.00           14.5% cash on cash, 75% LTV, 4.12 APRIF I USE 50% RULE HERE I WOULD BE AT 2866.00 CASH FLOW/238.00 MONTHAssessed/Appraised ValuesLand101,05043%Improvements133,95057%Personal PropertyTotal235,000100%

The percentages can fluctuate every 2 or 3 yrs.

It's come back now (after almost 10 yrs), but appreciation is not guaranteed, except maybe if you live ON the coast...Things that can go wrong:1) broken pipe / water damage (though your homeowners' insurance policy should cover that)2) flooding / water damage (this happened in our rental) and typically homeowner insurance policies DON'T cover this3) you get hurt/sick and can no longer work4) you lose your job

since its been revived, no you do not have to accept sec 8 in virginia, but since this original post 5 yrs ago many states and city have made it mandatory to accept as a form of income, and 3x rent as income has been tested and failed in some of those states, they have stated it is a form of discrimination against type of income, criminal background check does still stand, but only if convicted

Out of the responses I read , Jay and patricia did not conclude anything , they asked for more information or made general suggestions that might provide more insight .So out of respect for other members who might review this thread 5 yrs , 10 yrs down the line , check before you state something .Coming to your response : from the posts I see , you try to take a side which is against the investor and the bias is pretty obvious .

But Within 5 yrs sold and made $800k+ profit.

I am a CT licensed Realtor and have been investing for over 5 yrs.

Emily,My wife was fielding all the calls and she always pointed out the positives. the home looks beautiful and i purposly installed mini blinds so that the visitors do not see the street while looking at the rooms. because it's older home ~60 yrs (common), there is drywall and plaster and it's amazingly quiet. so, they can't hear the noise at all.Jon,I have 5 more in that suburb and they all go from $1,000 (no basement) to $1275. i also looked at the comps before i purchased the home, and we noticed that the street where this house is located gets around $995-1100 per month because the schools are 10x better.the other side of the street gets up to $950, but has really bad schools.John K,I do not have a picture of the garage for that house.

My tenants are moving out as its has been 2 yrs, last yr gorenter incresed their rent by $100 and was going to increase it another $100.