Needs to sell ASAP for the down payment.Seller asks for 90k for home.Appraised value- $139,000.00Proposed offer to seller- $83,400.00Loan to Value- 60%6 -12 months interest only @10% monthly = 695/mo for 12 months = $8,430.00 $91,740.0012% total accrued + principle = $10,008.00 $93,408.00Rent per room @ 480/mo = 1440/mo-695 = 745Rent per room @ 150/wk = 1800/mo-695 = 1105those high rents and weekly rates will work for this particular deal because...Won’t take loan until 3 renters make commitment.Rental is very close to new steel mill.Workers are paying 199/wk at Value Place 45 minutes away.Seller gets daily offers from prospective renters.Workers work 10-12 hour days 6-7 days a week.

This makes your 1st more valuable, since the note will pay off faster and is collecting more per month.So, for example, let's say you sold it for $88K and was able to get $8K down.

There are very few events out there that take this approach; most are free events that pepper the bare minimum of valuable information, with the bulk of the event designed to upsell you on some other, expensive product, training, etc.

My time is the most important and valuable resource I have so I err on the side of over screening people.

Keep an eye out for my next post sometime later today(I put a lot of effort into them so it takes a little while)It will be another thread not to be missed with several very very valuable lessons.

The last 2 years have demonstrated that my caution about leverage was a good thing.Anyone else care to share their most valuable lesson or lessons learned?

Yet another reason not to love property managers.An a lesson to everyone... if you have the contact information for decision makers contact them directly... don't waste your valuable time talking to someone lower in the chain... go directly to the source.Best of luck!

Thank you all for very valuable advice.

And, FOR ME, the time that would take is very valuable.

Compoare it to a conventional loan, loan and closing costs, that is really the value of the money in your deal.Now, don't tell the seller you can't get a conventional loan, that makes his loan more valuable!