So im getting $20k discount and the house for free which is assessed at $75k.The area is up and coming and there are a few modern properties popping up on sub dividable lots.The market is very hot, if he were to sell using a realtor id say he would easily get $600k.I would like to lock in the purchase now and potentially he could rent it back from me so he didnt have to move and i get a property at a great price as by august the market would have gone up even more and he might start chatting to realtors...So the options i have been thinking of are;Buy and live in current house, and hold for a few yrs (land value went up $75k last year and will be continuing at that pace for the next 2 yrs at least)Buy, live in house, complete the subdivision for about $45k and sell off the lot for about $300kWhat other options could I look into?

Total Current Monthly Rent $2,400Purchase Price: $140,000Down Pmt: $28,000 (20%)Closing/Holding Costs: $3,000Morgage Pmt: $550 (4%, 30 yrs)Taxes/Insurance: $625Prop Mgmt: $240 (10%)Repairs/Maintenance: $240 (10%)Vacancy: $240 (10%)CapEx: $168 (7%)Water/Sewer: $83Lawn/Snow: $42 ($500/yr)Electric is subdivided. $0Oil possibly one heater.  

in this case, generally the down payment and interest rate is higher then other types of financing and generally the seller wants you to pay off the loan in 5 yrs or less. 

J.LNice that you have chosen to get your feet wet and can stay focused in a specific market, as an investor that has been in and out of the market for the last 20 yrs, my advice to yours to do what most of the successful pros would say is that the secret to success in RE is knowing how to use other people's money in acquiring and owning real estate .

On a 20 yr the property has to be less than 5 yrs old.  

I really want to build a legacy and want to quit my job in the next 10 yrs, if not @ that time then sooner.

Hello everybody my name is Andy, I live in Glendale, AZ, I am 29 yrs, and currently working as a communications engineer. 

, I've called over 40 people in these FSBO magazines.Only 4 where interested.But first one was a fliper,and he was asking way too much,and told him ill call him a month to do a L/O.Second one changed his mind and rather rent the property himself.The other two I havent got ahold of yet.I'm also in the process of getting a Real estate license within a week or so.I joined this REI club,told me if I want to purchase a property as a rental is I have to write a business plan,get a license,and get credit.Which Im in the process of doing.I'll tell you the situation I'm in,I am 19 yrs old,I have no credit and all I have is 5k.I keep requesting several times to get credit,but getting denied every time.I made additonal money from selling models on ebay.

I only have 2and1/2 yrs experience as a real estate investor, so I am not an expert yet.

I dont have much money to offer only some as a down payment on a place but not a huge monthly amount i can however cook, clean, and watch your children if you have any I was a nanny for 2 almost 3 yrs after i graduated highschool 2 yrs early and before i got pregnant but now i cant do it with the family i use to because i moved out of city and have no car, but i will watch your kids full time if needed as well as cook and clean for a place to stay.