Also, one thing that somewhat concerns me is that I'm trying to find average rental price for the building but I can't seem to find much except this one ad for a studio that shows up everywhere (on all the rental sites).

The average home sale in my area of investing is around $255K- up from $240K last year.

Economic indications show a trending towards recession in the United States real estate industry with lower demand, higher interest rates and falling property prices.

The first floor tenant was paying next to nothing and the second floor tenant was also paying below the average and the utilities were covered by me.

If you are lucky, you may even have a little more, because the 50% expense number averages in excessive damage done by tenants, lawsuits, evictions, etc, which may not happen right away (although they can have a BIG impact when they do occur).The bottom line is that you'll survive this mistake, you just need to learn to do it right in the future.

The question above was not about a 780 borrower or how much he was putting down...They wanted a lender WHO WAS willing to do a loan like that SAME day -when the seller purchase isn't even RECORDED yet.AND I am saying there are VERY FEW that will do that when the dang on seller purchase ain't even recorded yet...further more...the BUYER lender probably isn't even aware of the seller purchase.Your opinion is your opinion but in this industry...Most lenders do care as to how long someone bought the property - that's why we have property seasoning issues and PRE-PAYMENT penalties...the banks don't make no money when you flip the property that fast.

It shows you how the average person can do it and what's involved.

i love how the average home owner thinks of their personal home as an asset and they all talk about the "interest" they "write off" at the end of the year.

PM costs for a single property average $1,100 a year, per unit.

This offers better flexibility in terms of ltv and rates/cost as compared to a true no doc.Of course these loans are for properties that are in at least average habitable condition.