I was targeting a "cash on cash" return of 5%... and I plan on having a property manager handle the management...So here's how the numbers looked (The building is a 6 family: 2x3Br, 4x1Br)...Purchase Price: $290,000Total Monthly Rents: $4275Expenses (50% Of Rent): -$2138Mortgage P&I: -$1558 (based on $217500 Loan at 7.75%)Projected Monthly Cashflow: $579I realize I'm pretty far from the 2% rule here, but situationally, it's one of the closest I could find in my area...

After I get some experience and know what I am doing, I'd like to implement a hybrid of buying distressed properties, fixing (forced appreciation) and holding for the cashflow.

Jeff S Na Will be sure implement the advice I've received from both of you in case the 1st deal doesn't come through.

@Lou Ann Wilcox -Is this what you were seeing (any of these images):These are from some company that has been targeting BiggerPockets for months now.

But again, you need to get trained in how to market- first in how to find a 'target' market (people in distress from foreclosure, BK, job relocation, job loss, divorce, probate,tired landlords, back taxes,) and then how to advertise (bandit signs, classified ads) and direct market (business cards, door hangers, direct mail) to them.IMO, REI is much easier to learn because it's all just math.

If possible can you give me some insight on how to do a more effective search for transactional funders that may target my area?

Any creditor will look closely at credit history for the type of credit to be extended, what Steve mentioned is right on target.

Either could make him a target for burglary and explain why he doesn't file a police report.In your situation I would, simple respond with "thanks for the notice" and them start advertising the property for May (or whenever you think you will have it rehabbed and ready).

I'm just starting out so my marketing has been very targeted for mail outs.

Hey guys my market is starting to heat up with bandit signs...Any ideas on how to target my mailing list...ie vacant in a specific zip code with 100% equity, or code violations, absentee out of state etc.....any thoughts or suggestions are welcomed....