Then, you're stuck with a house with a (nearly) $150K note that's only worth $125K.I assume you're really from LA, CA, not Alabama.

We moved to florida from western NC and bought a house while still trying to sell our old house in NC...Well, it isnt selling.We have been paying both mortgages for several months now, and are bleeding money every month.It is too expensive, we cannot afford to continue doing this.So, we are entertaining lease options.We got an offer of 900 month rent, with 3500 down on 18month term.Our mortgage is 1600 a month as we paid 240K for the house only a couple of years ago.So this will not nearly cover our monthly expenses.

But, since I don't think a depression will happen and our society is not about to break down, I am still buying properties not disposing of them and keeping my cash securely in banks and brokerages.Anyone chanting the end of our financial system is near while still holding an asset like real estate or stocks is just blowing smoke.

I believe that this current situation is temporary and real estate investing will be even a better opportuinty in the near future when the "dust" settles.

Isn't that near Walnut?

Many people mistakenly believe that since the market is in a slump that it would be nearly impossible to wholesale properties, however nothing could be farther from the truth.

The top and near the hinges also needs cleaned.Living room blind needs cleaned better.Master bath:Streak of dirt on baseboard by toiletShower grout and tile need cleanedTub looks dirty, inside and out-needs scrubbed.Toilet bowl does not look clean.Bathroom blind needs cleanedHard water deposits on sink at faucet.Suite floor has many areas of dirt and debris in bath, in bedroom proper, in closets, and in the little hall going to the living room.

There is a college town near me that doesn't allow you to rent your home!

I've spent a lot of time and money pursuing this property and now that I have firm numbers on lending costs it doesn't look nearly as attractive as it did initially.

Backpage (Buyers - Sellers - Renters)We call it Craigslist Lite, as it does not have near the traffic, but still a great site.3.