I've been looking into a couple of these in my county and it looks like to me that they actually go through the legal process of notifying and foreclosing on their note and then just quit claim their interest to whoever buys it at auction.Makes sense from their perspective, saves them the cost of taking possession of the property, removing occupants, boarding up, winterizing.I've driven by the ones I'm interested in and they don't appear to be occupied.

I suggested that they become the bank and be at the top of the food chain (the ultimate passive income model) rather than dealing with tenants, toilets and termites.

I'd like to "remove the filter" so to speak.I bet you're starting to wonder if there's a question hidden somewhere in this post...the answer is yes, and here it is:I'm looking for a broker that won't charge me to death with monthly fees and percentages.

Also, write your letters in such a way to reduce or remove the need to adjust singular/plural, etc.The business cards are a good idea, as is the handwritten envelope.

At 110k, given your numbers, I see about $565/month cash flow and a 20% ROI.25% down plus 6k for the sewer fix(rolled into the loan) plus 5k for closing for 34k out of pocket to close at 110k purchase price.Here are your expenses as I see them:Mortgage Rate 4.75%Length of Mortgage in years 30Monthly Mortgage payment $453.83Taxes $125.00Sewer and Water $208.33 (I accounted for borrowing 6k to remove this expense, but I figured it would take at least a year to switch the tenants over)Trash $- (this was my big question)Heat/Utilities $25.00 (Manager's electrical, outdoor light, etc)Cap Ex and Ops $300.00Insurance $158.33Mgmt Fee $230.00Vacancy $230.00Total Expenses $1,730.50

Honestly I still thought he PMI would be removed at 23% equity but my fault for not knowing of the change.

As a new owner, you have to allow occupants access to remove their stuff until eviction since legally they have possession of the property.

This is the best way to avoid having the posts removed and providing the best value to the other members.

So far :~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Be involved & successfully close at least 4 – 5 transaction per quarter.Reduce my personal debt by at least 34%.Keep removing negative individuals out of my personal space.Keep moving forward with my plans to purchase multi-family properties.Increase my personal net income by at least 21%Spend at least one week in Florida ( Disney )Work on obtaining broker license and CCIM.Spend one or two days volunteering my time.Read and learn from at least five real estate books per quarter.Work on business plan.Enhance my personal physique.

I'm 99% positive that you will avoid that tax, you're not transferring ownership of the property, it's still owned by "123 Any St LLC", you're just adding you as a Manager of said LLC and removing the seller.