All of your other expenses will still remain on top of that so run the numbers and make sure you have a buffer because your landlord will throw you out quicker than your parents if you don't pay.

Just throwing that out there...

I would love to own my own house, if I didn't live here in SoCal, out here I've pretty much decided I will be renting for the rest of my life here, or until I just make so much money it really doesn't matter and I can afford to throw 750K at something nice and not worry about where prices go.

that might work for a veteran wholesaler thats been doing it for a while and has a big list of buyers to throw deals at. this is surely not the case starting out which I am.

I had a judge throw out my late fees once because they were more than 10% of the rent.

If you're "just an investor", you may be throwing away leads that are very valuable to Realtors - they may even PAY YOU $100, $200+ for decent leads and that - as Jerry says - could actually pay for a big portion of your marketing!!

Once you factor in maintenance costs, vacancies, your time spent managing the property,etc you're throwing away a significant amount of money that you could be investing elsewhere.You may be looking at a potential short sale here.

If you don't have much experience, you should definitely at least see the property before making an offer on it.While you can throw in the inspection contingency, if it is truly a good deal, then you probably won't get it since the seller will more than likely go with one of the other offers without the contingency.

Unfortunately I don't have much cash or time to throw around on this deal.

Back in throws of the bubble bursting my wife and I were fortunate enough to find a great deal on a new house and still be able to keep our old place as a rental.