I like that by making a plan, you are able to turn your investing into a much more "now fill in the blank" sort of business, which helps keep you on track.

It should follow some sort of state law about how it should be terminated and what kind of notice you might need to give them, but I would definitely start by asking for a copy of the agreement and the current leases.The deposits should be turned over as well and any rents that have been paid should be prorated for the date of closing.

Hey Dustin Skelton - sort of.

Not particular to multi-families, but this is the sort of information I've seen for RE investments.1) Why is real estate a good investment vs. alternatives?

A week ago I was experimenting with exporting all of the sold listings over the past year to determine areas to invest in, so I'm pretty comfortable with data mining and that sort of analysis.

I use a legalservice plan which i got 6 years ago for exactly these sorts of things.

somehow, my first reply didn't post.Your numbers on that property are pretty impressive.I think some of the first-year costs that weren't calculated would include the loan origination/closing costs, title search, the inspector costs (because you want to make sure there is no environmental or structural issues that could crop up down the road), maybe a warranty of some sort (if you are concerned about these things), and some counties have separate sewer charges in addition to water.That said, he could've acquired the property in any number of ways.

Is there a way to help someone sell their house or use some sort of wrap-around financing to sell their house and get back a portion of the sale or payments for myself?

Sort term financing has a place in RE, for short term needs, using short term financing for long term needs is a classic financing disaster in any business, finance 101.Too many that I see of the "I want it now" types will fail in RE, it's a long haul business, doing things a bit at a time over and over or building the business in time.

I am one of those peopler who plan on workiung the rest of my life doing something, so I mightt as well do somthing that Iwill enjoy.I was born in Pa, moved to CT and was raised here, and have been sort of stuck for the past 20 years or so.