@sven simon,I think you can bypass the 2 year requirement by having an undergraduate degree in real estate unless cal dre changed that rule as well.

@Dawn Anastasi Is there a good rule of thumb for how much reserves you should have on hand?

Two - (this is the escrow part) the HOA is in charge of regular maintenance of the exterior and "routine" painting of the exterior as it even says in their own rule book.

Those of you who follow that rule and rent to Sec. 8, how do you handle the income to rent ratio seeing as tho' their income is probably not very high considering they're on Sec. 8?

Your 2% rule, 50% rule, $100 minimum per unit per month, etc makes real estate investing so easy.I know these are just guidelines and a detailed due diligence is necessary, but I think these rules save a lot of time.

.$280K$56K downP&I: $1200.00$2700 Total Rents - 50% rule = $1350.00 - $1200P&I = $150We've also broken the 50% rule down further with what we believe to be more accurate numbers:TAXES: $279INSURANCE: $279 (This is estimate as I wait to hear back from ins. agent)VACANCY 10%: $270REPAIRS/CAP EXP: $162PROP MANAGEMENT 10%: $270 (We'd be managing but have this built in for the future in case we didn't want to manage)Total: $1260.00$1260 + $1200 P&I = $2460.00Total Rent: $2700-$2460 = $240 cash flow.CAP RATE 6%GRM 12CASH on CASH 5%We realize that this isn't a great performer overall.

That's a pretty simple rule, common sense can usually guide you. :)

From the CFPB clarity on the new servicing rules.

Overall summary of the rule.

Find your state eviction rules and post a "pay or quit" notice the instant it is legally allowed.