I believe the house was on piers and set on the foundation while the hosue was built, prefabed exterior walls, assembled almost like a mobile home that is finished in less than a day.

This was lowered on 2/16/13.The bank appears to not to be very aggressive in their pricing to sell the property over the 5 months of it being on the market.The property is in bad shape, but the major cost items of the house (roof, foundation, furnace and ect) are all in GREAT SHAPE, however the inside has been torn up badly, and about 50% of the windows have been knocked out, which have been boarded up by the property management company.So, I put in an offer on the property around 1 PM on Monday, March 11th, for $12,000, 55% of the asking price, because I only have $13,000 in cash and I wanted this to be an all cash offer.The question is, did I low ball the offer too low?

This does not take long. if any problems come up with title, that is on the seller, not me so i do not need days for due diligence on that. if they cant deliver clear title free of liens and encumbrances, no matter if I have 0 days or 10 days inspection period, I am free to back out if they can not clear the liens.As a buyer, your only concern is the condition of the property (contractor bids, termite, home inspection, foundation, electrical, HVAC, and plumbing inspections.

Hey Robert Fabian looks like you have a terrific background and great foundation for real estate.

I agree the tenant pool is a smaller and after going though some visits over the weekend with my contractors it looks like there is some foundation issues that needs to be taken care of so the repair costs is trending more like $30-33K.

Looks like you have a great foundation already, so congrats!

I know when I was starting out I was not clear on what was ethically and professionally acceptable except to the point of knowingly pulling a fast one, there was a moral foundation, but certainly not a professional level of ethics as I was not a "professional" starting out, no one is.

A fire wall should go from the foundation to the roof. :)

Looks like you have a great foundation to start building a strong investing business.

I guess people don't want to learn RE at the foundation level as they may not see knowing what RE actual is doesn't quickly click to making money, what is missed is that failing to start out and build a good foundation of knowledge means you will always be balancing the walls of building a business against other systems or strategies.If you don't understand the proper use of deeds, you'll never know how or when to use a Special Warranty Deed.