Basically it's full of people that are at where you want to be one day.

It basically costs me 500/year (less each year) to have 15K at my disposal rather than a paid off and still depreciating car.

I have decided that since I am basically already in the business it would be worthwhile to get better educated to be able to better handle my current rentals but also any future ones.What forms of education would everyone recommend?

I also was a Mortgage Broker....Originally posted by Harold Wimberly:...I have to disagree again.The Person doing the loan does own the property. ...The borrower is the owner, the lender is just the lender and is not an owner of anything other than a note and a security interest in the property.Not sure what training goes into becoming a mortgage broker, but I would have expected something as simple as that concept to be included in the "basics", like before the 101 level of coursework.

Here are the numbers:Asking price: 120KUnits are 2/1's, rent for $600 eachBuilt in 1959Tenant pays heat and electricIncome: $600 x 4= 2400/month and 28.8K/ yearlyI used the 50% rule to cover expenses, but some of them would presumably be:Insurance: $115Taxes: $357Vacancy: $240 (10%)The property seems to some sense using the 2% rule (2400 a month rents is 2% of 120k).Financing: I plan to live in one of the units and use FHA financing.FHA down payment of 3.5%: 4200Loan of 115,800 at 3.5% interest= $520 monthly paymentAfter 50% Rule, $1200-$520 = 680/4 = $170 profit per unit/monthlyI have just a couple questions about the property.The owner recently bought it and replaced the windows/doors and claims that the building is in good shape. 1.

Flips are basically second jobs.

The basic rules are simple though enforcement is strict.

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Landlord pays heat, tenants pay electric.

Then my buyer's appraisal for the bank blew up when she couldn't find permits for conversions made several years ago by previous owner- they had converted the garage into a master converting a 1600 sqft home into 2200 heated.