Assumming 100% financing at 4% and using all money to pay mortgage I could pay off in 32 years (mortgage payment for 97,835 at 4% for 32 years equals ~ $455).

So purchase of $103k plus another $7.5k in repairs equals a total cost of call it $110k.

Sure avoiding negative cashflows and bad long term loans (variable, balloon, hard money) are important, but an equally important factor in surviving RE crashes is where you buy.

But if your net bid is the highest bid that night and its equal to their minimum bid required at the time, you're getting it.Now there are some rules around proof of funds for cash offers and preapproval letters for financing that you have to adhere to.

So, if you are new, get involved in all the Real Estate Clubs in your area and treat them just like the grocery store...you don't have to buy everything on the shelves...but in this business your net worth is equal to your network so get out there and build your network.

Unfortunately, old house = money pit which does NOT usually equal cash flow.Re financing: As Mike mentioned, and as you can see, we were both easily able to identify this property from your description.

I have always used the guideline of 3 months equal to the rent if the property is in good shape.

The most basic financial advice is the best:Live on less than you make and invest the rest.Actually pretty bland, but vital.

The home is worth between 130-140 thousand, and I plan to offer the end user a lease term equal to mine, 5 years, and purchase price between 150 and 160 thousand.

By now plowing my cash flow, plus a little bit extra, into paying off mortgage debt instead of acquiring more properties this is projected to increase my cash flow to $9,084 in the next 7 years (all other things being equal).