Now I understand the value of having someone you can trust on the ground and I'm not saying this person shouldn't get a cut but perhaps you should work out a deal where your partner gets a scaled % that increases over time as you do a few deals and see how the work and effort split plays out.

Number 7 on the list of winners spent $99k in total so the dropoff from the top 6 to number 7 was dramatic.So besides sequential Bidder Numbers (except for 11411) and similar large dollar amount invested - why do I think the top six bidders know each other (or are the same entity)?

Have good relationships with the REO agents that allow you to purchase the properties at a large enough discount that you can still resell and make a profit.

Patrick:This is my first post on this site, but let me warn you that as an HOA Manager and a Real Estate Investor, Condo's require more research than single family homes.I have seen investors lose a large amount of money in Condo's because they did not research the HOA's finances, condition of the HOA, and the HOA's Board of Directors!

You plan to oversee the PM intensely for the first few projects to ensure things are done the way you want them to be.If you can do those things, hiring a PM is not a bad idea, but given that this person replaces you (to a large degree) in the project means there is a lot of risk if the person can't be trusted or doesn't have the skills necessary to do the job.As for going rates, it's whatever you negotiate.

This is my observation of large apartment complexes.

. :(- Had the IRS issue a ruling on my use of a large chunk of my retirement funds -- they determined that I get to keep my money

My initial reaction is that this estimate provides both a wildly large range and also a much lower average cost than I was expecting.

So my results have not been tried by fire BUT...instead of using a standard yellow letterI have been using yellow notes...Small note pads (5x7) that give a more personalize feel.I quickly sent out 17 letter the other day and the next day 7 people responded.For the experienced investor that maybe old news but for anyone using the large paper, try the note pad.Good Luck,Demetrus

For example, someone who grosses 50K a year would only take home about 35 to 40K a year but can responsibly buy a house for 75K, extenuating circumstances not withstanding.This may not have a linear relationship as you move up the scale significanly in income.