@Steven Hamilton II @Dave Savage @Justin B.

Tenants pay electric and gas.loan would be about $250/mo 45k @ 5.75, 30yr, 3k closing6 unit:4 2 BR $650/ea2 studio $450/ea2010 figures3500 rents5768 taxes1500 ins2244 heat3600 electric1500 water1218 total monthlyAll brick 3 story, no landscaping, new furnance and half roof done in '05, all kitchen and bathroom remodeled, new windows, flooring, entry doors, carpets, coin laundry, stoves, refs, and smokes done in '06appriased 165k in '07, asking price 172k rents include utils, looks to be turn key, fully rented, no work needed, inspection tomorrow 3/19/11, i know it has older BX wiring and asbestos wrap around the heat vents between wallsI can get a comm loan. for 6% @ 25yr, with .25 $921/moThanks for your time,Justin

Ryan, as Justin just pointed out, most states, if not all, including CA, state that any contract is assignable (even if it does not satte "and/or assigns") UNLESS the contract specifically states otherwise.So, if your contract did not state that, "this contract may not be assigned without the written consent of the seller", then your buyer did not violate any rules or laws or the contract and you must comply.

I would follow up with the similar question as Justin made: How do you come up with your profit amount, is it based on a specific cash on cash return, based on a % of something or what?"

Originally posted by Justin Schmelzer:I'm just getting started - so I apologize if my question is dumb, but...If the bank thinks that it's smarter to try and sell off the debt as opposed to foreclosing on the assets, then why would you want the note?

i'd say it depends how much they put up as a deposit....if someone gives me 20 bucks to hold the place, i'd still show it for backups, just in case...if someone puts up 1st month's rent, i wouldnt' waste my time...just my 2 cents :D

This is where networking is important, we go to my guy's house for dinner every Tuesday, and see him two or three times a week socially, his investment vehicle is very open, we can pull our money out when it is not tied up in a house, and he has us on title for any house we own, just in case.

Just in case.Good luck!

Or do you think he was trying to do the right thing, just in case you did.

Many lack any true character, they are just in love with their wallet and want to transfer the contents of yours to theirs.