I don't think I qualify for any conventional or FHA loans as I don't have long enough income history.

If it's landlocked you may think you will eventually be able to get access through a friendly neighbor, but no, that's not ever the case.  

They charge 8% of collected rent, $300 realtor commission to place the tennant and I think a $125 admin fee.

It can take a little digging but they are not that hard to find especially when you have a solid network of other investors, wholesalers and good investor friendly agents.Location is going to play into all the things you have to worry about in terms of rents, sale prices, crime, STR/LTR.Do you have a specific zipcode or area you are thinking?

I don't think it's the expense I would be focusing on / worrying about.  

The 20% down terms were the same and I think we could've still put together the deal because it allowed the tenant time to vacate (the terms of the contract was to allow the tenant up to 90 days to vacate, so extending closing for that would have potentially worked).

Hi everyone, Just joined today, and I'm from south africa Cape Town to be exact i think I might be one of the only ones on here.Just starting out and looking to buy my first property soon...

These properties would be just about breakeven if we decided to move out after one year.Considering all of the other benefits of doing that first deal, do you think it's worth it?

Slumlord, hmm I don't think so.

I think it's the best way for people to be buying in this newly flat market.