For example, one of the two houses I just signed on today went as follows:36.5K Ask26K Offer30.1K Final Accepted OfferRehab 11KList 74.9K, offer just above 72K will be final and will close the deal.

Freddie Mac recently announced guideline changes that will greatly affect residential real estate investors.Beginning August 1st, 2008 the following changes will go into effect:A borrower may not have more than four financed 1-4 unit properties, including the subject property.

I'm not following the logic.

.- 3,1 - 986 sq ft - Built in 1940 - Rougher Side of Houston, but NOT a warzone, in fact this street is more of an elderly neighborhood, This house is close to MANY of Houston's attractions (downtown, reliant stadium, minute maid park, the Toyota center, Texas medical center, museum district, and about 4 Universities)After my due diligence we came up with the following numbers.- ARV = $82,500 (which was conservative, recent comps for smaller houses came back slightly higher)- Repairs needed = Around $10,000 for rental - (Needs central air, some rotten board on the outside, some doors/sheetrock repair, and painting)We wanted to try to start out with a $10,000 assignment fee to split between us and work our way down depending on what they would take as an offer.

-go during the week Tuesday-Thursday from 5-7-avoid weekends-bring all of your paperwork in case you get invited inside and have a deal-dress business casual-always be polite -in a 2 hour time frame you can knock on 100 doors-make sure you are taking down all of the addresses of vacant houses, or houses with "for rent" signs and follow up with these peopleI have attached a very detailed article I wrote on door knocking a while back.

For your example, the highest I'd want to pay is $60K.If you follow that rule of thumb, you stand to make a profit of 10-15% of the ARV.

If you've ever looked at a HUD-1 Settlement Statement (if you've bought property, odds are you have) and wanted to know what you were looking at, worry no longer . . .Print out the following article and keep is handy at your next close:[b]Breaking Down the HUD-1 Settlement Statement[/b]

I basically followed his plan an ended up purchasing 33 properties in 5 years.

I think that we can all help one another by sharing those things that we like and dislike about our local real estate clubs.If you're a member of a local REI club, please share with us the following info:1 - General Schedule for Meetings2 - Your favorite features of those meetings3 - Your least favorite feature of those meetings4 - Things you wish your club didFeel free to let us all know the name of the club that you're referring to.Thanks!

Do what you love and follow your gut.