Also, if you do lease options, I like having a home warranty because in the agreement I have a clause that any repair under $400 the tenant must take care of themselves anything over $400 will be covered by the home warranty.

I have enough in reserves to cover any vacancies and plan to keep the rentals for the long term.

It is so tough to cover everything else, that you never think that in an instant, an emergency can wipe you out.

You can pay the lowest payment, usually starting around 1%, reason you you would want a product with 1% is because if your renter moves out or leaves you are still able to cover the mortgage payment without draining your personal accounts.

If you find the right properties, my OPM will CYA (cover your ***) and of course mine plus my OPM will often help you structure your deal.

At 3 renters ($1425) I can cover PITI and water/trash expenses (roughly $1300 total).

The buyer is an experienced investor, and his renters have covered his payments and costs.

I'd like to get a rough idea if most people use cash to cover rehab expenses, or if they take out a loan/credit card/2nd mortgage/etc.?

I just finished my first weekend of it and breezed through the first exam, because it didn't cover much more than simple definitions and fair housing laws :wink: .

I think this was covered before.