Also study the landlording forum and make sure you understand the 50% rule.

Apply the 50% rule to the rent.

Good post , Mike if you believe in the 80/20 rule , that 80% live in a fog, while 20% are actually the Doers& Thinkers of the country, then things will eventually work out just fine because the free market system works perfectly (minus the criminals and the greed, or is that possible).

Vicci,You have made a total of 4 posts, all of which are solicitations for what I assume to be Mercer's company.Try reading the forum rules and adding some value rather than just making solicitations, they get deleted anyways.

I broke one of the golden rules. lol Next thing you'll see is..."

My agent also mentioned that we can't make changes to the P&S agreement they sent which it does state many times in the P&S and that we have to play by the bank's rules and things will be much smoother after I give the bank the certified check with the signed P&S.

Also, if you're LLC is formed out of state, it may not afford you the same liability protection (the whole reason for an LLC in the first place) if someone sues you in-state.As a rule, it's best to form the entity in the state in which you plan on doing business.

They've both gotten plenty of OUR money, but when the guy you used to eat lunch with takes the REALLY big chair, I guess you get a "pass" on the pay-cut rules..

12 Solid Rules of Real Estate Investing 1.

The classical rule of thumb is that your PITI payment should be under 28% off your monthly gross income.