I like to go 30yrs and pay extra principal.

Just wondering what sort of ramifications there might be down the road buying a house that has a bedroom that they probably never got a permit for.Kel

As a part time investor who works 9 to 5+, I actually appreciate the extra time to mosey out to take a look.

First get qualified for financing, then shop for deals ;-)If you do FHA you may be able to find one eligible for 203k program giving extra cash in the loan for rehab.

Lower expenses, work extra hours, sell stuff, pay down debt, etc.

buying a REO property, the property foundation was finished, however we checked with the city, the foundation permit was issue but have not final signed off by the city with the previous owner.What is the risk of buying this property for flip?

Can you get the permits?

I would go talk to the planning department or whatever agency handles new permits.

In the third year, nobody really seemed to care anymore, unless they needed flood insurance, in which case they only cared about the extra money they had to spend.If you want to see some rehab numbers on the two flood houses I've done, check out Houses #19 and 35.

The reason is there will be rehab and extra time and energy for the return spent and also no income coming in.Even if you go 60% costs the numbers still work at the purchase price.