Most people will refinance into a new 30 year loan with lower payments and not make extra payments on the loan.

Whatever the case, these policies are a fully earned premium and you don't get a refund if you cancel the policy for any reason.The rates for flood insurance are based on an elevation certificate for properties that require flood insurance. 

If I had an extra $100k I would use it as a down payment on $500k worth of property for buy and hold

Hey all,Looking to convert extra space on a Multi-Family in South Philly into a bedroom.

They may not buy, you may not earn a cent from them, but you get experience and can learn the tools of your trade.

That doesn't seem like money well spent unless I'm planning to earn $60k or so on each deal.And I guess my question boils down to: ARE people succeeding with direct mail in Northern Virginia? 

You will likely find that being licensed and earning commissions is a much more profitable career than wholesaling.

I happened to stumble across a buyer than needed owner financing who was willing to pay $10,000 more than his strike price so I gave him the $5,000 he wanted to vacate his option and pocketed the extra $5,000 on the increased sales price myself. 

The extra funds go as surplus to other lien holders or to the previous owner. 

Your actual cap rate is an indication of what others may accept, how happy were you with your earnings?