You can't buy homes based on the note value because they could skip tomorrow and you are left spending 5k to fix.

@Das Siva, @Aaron Mercer, @Simon Baker, @Deborah Tucker (can someone tag her I apparently don't have her as a colleague).Hey all of fellow Aussie's :)I just booked my tickets and will be visiting the great land down under this year from March 1st - March 9th.Anyone that's in Sydney and keen for a catch up, please drop me an email via my signature below.I'll be doing 3-4 days of meetings and spending the rest with family an friends.Haven't been home in over 3 years so really looking forward to the trip :)

@Andrew Sanchez, my biggest piece of advice is to spend some time here in the BP Nation.

Hi Bernard,Welcome to BP, this is a great website and resource for all types of real estate investing.I always recommend these 3 things to beginners:1) Do a lot of research here2) Do not spend a lot of money with coaches, it would be much better to put that money to work and learn from experience, I'm not against coaches or education, but you need to be careful as there are some that are really bad3) There are many real estate clubs out there, visit them, select your favorites and meet other investors working your area.

The more I spend on my rehab and the more I spend on the home itself the less I make.  

Do your research on anyone you are going to spend your money or more importantly your time listening to.Ben, I look forward to seeing you at the next event on January 28th.

It would be perfect if I didn't have to spend an hour trying to load it with podcasts every time.I just thought there might be a device with wifi that would update the podcasts automatically like a smartphone does.

If the property will rent to better paper tenants then spend little time vetting them, if not then keep reading. 

I don't know if it is standard or just my experience, but every bank I've talked with still wants to see 6 months of reserves regardless of the loan type, so you probably won't be able to spend the entire amount.

@Rohit Vij you can easily buy 2 good rental properties in Kansas City, in B areas, for the amount of money you have to spend.