Our last tenant was "picture perfect" and we have had only one other issue with this tenant, a late rent check, but she notified us a week in advance that the check was going to be late and gave the late fee in advance.I hope everyone is having a good day!

Purchase Price: $86.5kRenovations: $15k (included in loan)Total Investment: $31k cash (loan balance of $75k)Sell Price: Homes in neighborhood are on market/pending for $0.85/sqft, so we listed the house for the same price. ($150k).

What is the property worth (ARV) and what is the balance on the mortgage?

Non-bank servicers earn contractually established fee income, typically based on the unpaid principal balance of the loans serviced.

It would definitely help to keep the credit cards balances as low as possible and many lenders don't want to see your debt to income ratios more than 30% and no large cash deposits or withdrawals, the bank will pick apart your statements like crazy!

You now have a value of 1,275,000 X .75 = 956,250 - 750,000 existing loan balances = 206,250 can be accessed instead of 375,000.This is why lenders do not put as much weight as the equity analysis stated by borrowers is off.

Which, by the way, is a perfectly valid argument and the way many people feel.

Thanks, that's perfect.

I will get my funds together so I can do this.Its perfect to find vacant homes with the owner living out of state.

@Andrea Johnson This is very 'turnkey' in nature which is perfectly fine if that's your strategy.