I sent them a bill, which was returned because they hadn't forwarded their mail.

In the files you will see a "Final Report" filed by the Trustee of the sale accounting for the money received at the FC sale which includes the sales commission (5%), attorney fees and other charges.

As for why folks are investing out of state most do so for 1 of 2 reasons.They are living in a market they are priced out of and look to Midwestern cities for lower entry prices.They do not have the time, ability &/or desire to be an active operator in the business of rental real estate.

It is located in New Providence PA, 17560.There is another mobile home about 1-2 miles down the road which he said charge around $250 a mouth for lot rent.

People don't like change.After doing it a few times now in a B to B- neighborhood, I'd much prefer to inherit an empty house, do whatever upgrades I need to do for the rents that I want to charge and then screen, and place my own tenants.

Although contractors are definitely extremely spoiled right now and have tons of work and are charging an arm and a leg, you can still find reasonable work by being proactive in 1.

The house is valued at $295,000 and they offered $229,000 some $65,000 below value and wanted to charge 6% on top of that for their "fees".

And the seller has the ability to foreclose if the buyer misses payments, again, unlike a subject to.As far as terms on the wrap, you want to be sure that the terms of the warp cover any situation where the buyer pays off the loan early. 

Sure the city doesn't look inside the property, but what if you are in eviction court and the tenant shows photos of stuff that is not in compliance, for example a fire extinguisher that has the pressure needle in a position indicating it isn't charged?

Here is an example using the numbers for one of our average deals this past year.Purchase price 62kRehab, holding costs, closing costs 19kAll in 81kARV 90kBank Loan 67,5002nd position investor 10,000.We sold property for 99,900 on a 5 year option with an option fee of 3900.Our total into the property about 2,000.Rent 895Bank loan 434Taxes and Insurance 81Services 34Maintenance 0 (The property is renovated and the tenant is in charge of fixes)Vacancy 0 (The tenant has a 5 year lease with option to buy)Cash flow to investor 92Cash flow to us 254We don't budget for maintenance or vacancy because we use the lease option model and if the tenant does break the lease early we will just fix up the property with our own money and we will replace the money used with the new option fee from a new lease option tenant.