I wouldn't sign for a 1.4 mil property unless it produced about 21 - 28k in rents a month.

Improving your math skills if they are not great is another key skill.Part-time work: Property management, construction, sales in a hardware store, almost any sales job where you are dealing with the public on a regular basis, working as a support person for a real estate agent who is very active (marketing, web support, etc), admin work for a mortgage broker.

You'll find that most top-producing REO agents have buyer's agents that actually show their listings and deal with the public.

3) full carpet replacement (home is 1,474 sq ft)4) interior and exterior paint work needed (home built in 1940)5) needs vinyl windows (there are 12-15 windows)6) some wall areas need to be re-sheet rocked due to holes made from previous owner(s)7) basement ceiling is low and should be lifted (room to be lifted another 6")8.) need insulation and sheet rock in basement to cover foundation area to turn into a potential family room area9) new kitchen cabinets10) appliances (washer/dryer/stove/dishwasher/fridge)11) new kitchen countertops12) update bedroom closets13) install regular sized door and doorways for 3 bedrooms14) new front and back door15) turn upstairs into a master suite... knock out a few walls and alter 2 bedrooms upstairs to a master bedroom with a walk-in closet and an attached master bathroom16) landscape and curb appeal17) stairs are kind of steep leading upstairs... don't know if could be changed?

They like seeing regular income when you want a loan.Do you own your own home or have you purchased a property in the past?

I intend to be a regular on the message board by both giving and receiving insight on different subjects.Thanks,RJ

So cap rate has to be junk when it comes to figuring out whether a property will produce a profit.

For example if you have multiple properties in a llc and one under performs and you have financial issue and that property gets foreclosed on then that liability will carry into the other producing properties.

Hi,I regularly attend the DC REIA meeting in Bowie, MD.

Thanks for clarity...will definitley do that in future purchase.Stupid question: Does it cost anything to sign a contract like this, or do they just get their regular commision?