The bank still can try to collect on their note with the previous owner, but they do not have the mortgage to secure the note.

What I meant with REO brokers is they are not going to sit and secure a crap property over and over with the low commission they are making in a high crime rate area.They get paid a set commission regardless of the price.So whether it stays secure is not a real concern to them.If they sell a 10k house but make 10% which is 1k the condition doesn't matter to most of them.If a 200k house gets trashed where you make 6k on 3% commission or 3k on where the house gets trashed and sells for 125k the broker would stand to lose a bunch of money in that case on the sale.You could argue the broker stands to lose money by losing other listings from the bank in more sales but I don't know many brokers that do more than drop a sign with these types of properties.

If you consider it you should require they pay 4 months in advance.This will cover them paying the first months rent,time to immediately evict them if they violate a provision in the lease,and cover paint and carpet again.If they violate the lease for any reason all the money paid upfront is NON-REFUNDABLE.Don't just stick a tenant in there to put one in.Make them meet extra security demands or wait on a better tenant to come along.You have to make a tenant like that have a bunch of "skin" in the game.They may or may not have reformed themselves and if they have they should not mind putting extra down.

Back entry door with large dog door installed, security and heat loss issue.

Hi Andrew,Since you have decided to go ahead and work your own plans, you should know a couple of things.First, the HVAC contractor would probably take the plans to the supply house and have a system designed for the house.

I know other family members who work a regular JOB.Their mindset is put money in savings in case of a medical illness or rainy day fund.Take 1 or 2 trips a year with vacation and that's all they aspire to be.They look at me and what I do and think "I am lucky" or "I have it good" that I have my own business.They think I sit at home in my office all day and do nothing.They do not realize I am putting in way more hours than they could imagine.I am sacrificing now so that down the road as I get older (36 now) I can take it more easy.Meanwhile many of these (savers) will be working as a greeter at Wal-mart at age 70 and complaining about social security not being enough.I am not going to be one of those statistics.A family member that is 68 has their house paid off,car paid off,and with social security still lives hand to mouth.I try to explain they need to grow that money to stay solvent but FEAR is what grips them from making a move.Whatever everyone believes we know we are born and in a certain amount of time we die.Where we go after that is up to each person to decide.So you do not have time to let FEAR keep you from making rational decisions and not living life.There is risk in everything.Successful people taker calculated risks and on average win more times than they lose.I guess I would be 4 and 5 since I have my own money but also buy property using owner financed deals.

Job Security - no one is safe. 2.

You have to consider where the pipes will go for both water supply and drain, where the shut-off valves will be located, whether a window or skylight is present or whether exhaust fan is needed, where the vent for the waste will go through the roof, whether you have electric wiring that can accept a GFCI (old house might only have two conductors on many circuits, lacking ground wire).

I assume the plumbing (waste line, supply lines) for the sink needs to be re-routed... right?

Is there a way to secure a loan using this property without an onsite appraisal?