Rent is low, no deposit free incentives...what the heck else do I need to DO to get folks to lease.Scott

Currently I only have one website which is intended to be a low resistance entry point for sellers, as well as a site for potential buyers/investors

I plan to buy them extremely low...It wont make me a millionair but I know the rents and I figured I can bring in a decent positive income if I buy them low enough.

If I was me in your shoes...I would certainly be interested in this project as well, however, barring a major problem at inspection, I would think about the fact that the owner possibly claims low expenses due to deferred maintenance.

This seems ridiculously low.

If so, keep in mind this will be a "cash out" refi, and the LTVs on those can be pretty low. 75% is the highest I've found recently (Wachovia.)As I've mentioned in other posts, don't fall in love with any REO.

Then I'll place my low ball offer.

My advice is to go in LOW, both with the monthly rent and the purchase price.

Now if you find a formula that will tell everyone how long or how low a bank will go on a REO then sell it, because you will be richer than bill gates :lol: :D

This is relatively low compared to other islands with a similar level of development where properties can sell for $500 - $750 per square foot.The good news for investors and absentee owners is that the rental income here is relatively high compared to the purchase costs of the property, especially for properties with great views and/or easy access to the beach, which can generate anywhere between US $2500 and US$6000 per month ( depending on the size of the property).