I would prefer to buy local because I have some connections to begin building a team, but the cost and hot market is prohibitive.

Are you saying its so hot that investors aren't getting proper cashflow to make deals work, and that buyers are speculating on continued appreciation to justify purchase prices?

Secondly, should I include a replacement reserve for bigger items like roof, hot water tank, appliance replacement, in this number or is that an additional number?

I have a 4-plex with a well and I’m redoing my plumbing so that I will have 4 hot water heaters.

They have the choice of just clicking on the QuickBooks link and paying online, putting a check in the "rent" slot at the building, or depositing it right into my bank account. 

I have always bought and sold lots of cars, mostly old cars, hot rods, and race cars. 

I’d rather buy a house for 50 grand and make 800-1000 a month in rent equating to 300$ Positive cash flow per month in my pocket and have the tenant pay it off free and clear for me regardless of the economy ...then to spend 300-400 grand on the same size house in a hot market , have negative cash flow each and cross my fingers it’s still worth 400 grand or able to be renting when the economy is in a crisis.

well how about  taking a metal cloths hanger and sticking it straight into the powerhead and taping it directly to the 220.. now thats crazy. cut water meteroff run garden hose directly to house with enough wasted water to create a draught.wife rents to this nice hair dresser who they pay like a slot machine.. next thing i know ATF is calling me the boy friend that moved in has shot and killed someone  ... and of course we all have the tenants that destroy your house..

Account ClosedK so you're using Forced Hot Air in the winter and then window shakers for AC in the summer?

Hey all,My wife and I are starting a mailer for off market properties because MLS hasn't worked for us in this hot Phoenix, AZ market.