I don't know.I offered $160k (1% rule).

Seems to residential, it supposed to be near the Santo Domingo. i know i can find out what the rents are in the area, but I'm guessing the same rules we follow in the states don't apply there, so any suggestions would be great.I know i ail have flexibility with the price because it is my friend that owns it, he's not really sure what it worth, just picked it up for cheap I'm sure.

This numbers below are for a 12 unit for sale in upstate NY.Based on rent roll 2% rule means we should look at a purchase price of around $400K.

To achieve this we are looking at long term buy and hold properties that cash flow at least $150/month ideally $250/month. 25 properties at $150/month doesn't achieve our financial freedom goal but once the debt service is paid in full and after the 50% rule we should be in good shape.

The new Dodd-Frank go into effect on Jan 10, 2014 and the rules apply to financing for owner occupant buyers, not commercial or investor to investor transactions.

A rule of investing that I have learned from a well-known investor is "Thou shalt maintain control".Again, I am not saying that these funds and people who invest in them have not made money.

Usually appraisers have a rule where any comp can't be more than 20% bigger or smaller than the subject property.Also, age can make a difference in regards to the surrounding neighborhood.For example, in Grant Park, a Victorian neighborhood in Atlanta, there are a few brick houses, that were built on infill lots in the 50's or 60's.

It would be rare for a lender to allow a sale for less than what is owed, but if they do they will need to release the lien and they may not be able to seek a judgment for remaining amounts due if they failed to attempt to get the full amount from the sale.The deal illustrated by Chris would be a great deal, but probably won't happen as the purchase price is less than the mortgage, a 150K home needing 20K in repairs would be about 70% of 130K as the rule of thumb or about 90-92K.

Local jurisdictions may have rules on this type of thing.

Where the money comes from isn't directly related to the 70% rule.The 70% rule says that if your purchase price plus rehab cost is 70% of the eventually selling price (i.e., ARV), you use hard money to fund the bulk of the costs, and you hold the property for six months then your profit will be about 15% of ARV.