I would be very surprised that you purchased in 2005 and would still be underwater with the combination of the bounce back of the prices and with 10 years of paying down the mortgage.

Howdy, I'm Jeremy, new to Real Estate investing, tired of being a "Wantrepreneur", ready to combine investment houses with investors to make some cash flow.

What is just as likely to occur is there will be insufficient equity in the property to satisfy both the primary and second mortgages and the second will get wiped out when the first position forecloses.This is why I'm quite conservative when writing a second mortgage - the combined LTV needs to be <80% and I prefer it to be <=70%.

The 1031 exchange is a phenomenal tool to build wealth and if you combine that with Multifamily business model and your clearly understand that apartment complexes are valued based on NOI and not comps, you can find high cash flowing properties that will give you 10%-20% cash flow and at the same time increase the NOI and at the same time increased the value approximately 10X the increased NOI.My 3 rules now are 1.

Here's his response:Michigan law defines real estate broker broadlyReal estate broker” means an individual, sole proprietorship, partnership, association, corporation, common law trust, or a combination of those entities who with intent to collect or receive a fee, compensation, or valuable consideration, sells or offers for sale, buys or offers to buy, provides or offers to provide market analyses, lists or offers or attempts to list, or negotiates the purchase or sale or exchange or mortgage of real estate, or negotiates for the construction of a building on real estate; who leases or offers or rents or offers for rent real estate or the improvements on the real estate for others, as a whole or partial vocation; who engages in property management as a whole or partial vocation; who sells or offers for sale, buys or offers to buy, leases or offers to lease, or negotiates the purchase or sale or exchange of a business, business opportunity, or the goodwill of an existing business for others; or who, as owner or otherwise, engages in the sale of real estate as a principal vocationMCLS § 339.2501The exemptions are pretty limited:This article does not apply to an individual, partnership, association, or corporation, who as owner or lessor or as attorney-in-fact acting under a duly executed and recorded power of attorney from the owner or lessor, or who has been appointed by a court, performs an act as a real estate broker or real estate salesperson with reference to property owned by it, unless performed as a principal vocation not through a licensed real estate brokerMCLS § 339.2503Essentially, if you are performing these services as a primary part of your occupation, Michigan law requires you to be licensed. 

Interesting article on philly.com about the huge number of commercial units available and coming online in the next couple of years: http://www.philly.com/philly/hp/news_update/326517...Combined with a net negative migration out of the city last year, I'm wondering if Philly would be a bad area to look for an investment property, despite the "get your first rental unit in your own backyard" guidance often given.Is anyone able to provide any advice on this?

Combine your experience with Bigger Pockets resources such as: ebooks, forums, blogs, awards, webinars, podcasts, keyword alerts, the learn tab, informative people in many fields of real estate, colleagues, and more.

But taxes are about 10-12k per year on this property and the previous homeowner was delinquent for several years)Cash for Keys: $20,000 (The homeowner agreed to vacate by a certain date to avoid a drawn out legal process, which they threatened to do)Cleanout: $750 (The place was a complete mess)Initial Cleaning: $150 (I at least needed to get the place tidied up a bit before painters would come)Kitchen Repainting / Spraying Makeover: $11,500Fresh Paint on Most Rooms (Ceiling, Walls, Trims): $12,500Hardwood Floor (Sand, Stain, Re-finish): $4,500 New Carpets in all 4 bedrooms: $4,500Lawn Debris and Hydroseed: $6,000 (and weekly lawncare until sale but that was cheap)Electrician: $1,000 (Smokes Inspection and fixed a few recessed lights + other minor)HVAC: $1,000 (Garbage Disposal Replacement, HVAC filter replacement + othersWindow Cleaning: $500Mold Remediation: $1,000 (Bathroom Ceiling)Carpentry: $5,000 (Bunch of stuff)Miscellaneous Materials: $2,000Final Cleaning: $300Staging: $4,500New Washer and Dryer: $1,000 Total: ~$600,200 (+- 2-3k)Listed Price: 669,000Sale Price: 644,500 After broker + legal Proceeds: 606,000Profit: ~6k Time Held: Bought in April, Roughly 6 Months.I didn't make much from this deal, but the experience I got was awesome.

A syndication is a pool of investors that combine their money together to purchase an apartment complex.

Not bad considering all four properties combined is cash flowing me around 1800 a month. extra I am using to pay down some debts.