I've been analyzing the numbers from the example deal from the Bird-Dogging 101 article here:http://www.biggerpockets.com/articles/bird-dogging101rb.htmlI'm using a spreadsheet, and I can't seem to come up with the numbers that he has mentioned...specifically the "Additional (Not covered by loan) expenses: $7,500.00"My understanding of this figure is that it is the difference between the loan amount, and all of the expenses.The loan amount was $105,000, and the expenses were each of the following:Acquisition Cost: $7,500.00Repairs (estimated) : $9,000.00Four month Average.

In addition to courage you need patience to wait forthe right deal, and the know-how to do the numbersto see that it is a good deal.Hopefully, by reading what's here, and telling usabout potential deals you're going to get into,you'll be soon on your way.

My lender just informed me that the rules regarding rental income had recently changed, and unless I have a 'rental history', I would not be allowed to show the rental income as additional income.Anybody else heard of this?

Read it, consider it, and add it to the other research you do.

I receive an average of about 25 postcards and letters per month, in addition to another 5-10 phone calls from people who claim to be experts in note buying.Occassionally I'll give one of them the specifics on one of mine just to see if they actually HAVE ANY IDEA WHAT THEY'RE DOING.

The house was wrapped in tyvek and then the foam barrier was added follwed by the siding.My mom's house looks completely different than it did for 30+ years, but that was caused by the addition of a 6 foot bay window that was a picture window.

* Keep a copy of the lease along with a copy of any additional rules/regulations

The syndicator will give you a preferred rate of return and then anything above that rate they will start to take a portion of the additional percent (which is how they make most of there money).

Either a single family home, duplex or triplex I find to be the best first investment.The reasoning is this:When you buy rental income and turn a profit, that profit counts toward additional financing for additional properties.

Search around and you'll find additional advice elsewhere on the forums.