Hi well I see your very knowledable in the mortgage field, you are aware of the My Community program well it is designed for borrowers with less then $60,000 a year in income, however I would need to see your credit report to be 100% positive it would work.

first - it could have been a cash deal. maybe they were in a position where they new the other buyer who was offering cash and they knew they could close whereas you're someone who needs financing, they don't know you, etc.also - what was the point of purchasing this property?

The question I have is what are the steps I have to take to investigate the property which is in another city.New York City is too expencive to have a positive cash flow.

It's a family deal, grandma owns it outright and needs the cash to maintain a comfortable lifestyle.

If you can find a worn out, tired landlord you may be able to negotiate his monthly rent cost by giving him a "worry free" lease meaning guaranteed payments on the 31st, no repairs in the middle of the night, no one calling him fussing about stuff, basically eliminate most of the hassles of the typical landlord position.

I was looking at a property in a very desireable neighborhood in my town, I can get the house for 60k and the owner will hold 50k of the mortgage, there is however around 35k of work that needs to be done in the home--when done the home should apraise at around 150---here is my dilema, this can be a good flip, however this area is rapidly apreciating and I can get around 800 a month positive cash flow by renting---how can I get a loan for the down payment/closing and repairs?

There are tons of possibilities with notes, options, rentals, flipping, development, etc, but a lot of those options are dependent on your abilities, your interests, and your current financial position.

I just recently launched my career as an investor January 2007 and started my company Paramount Principle, IncI am a web designer/ graphic designer by day and an investor by night trying to build a consistent system and get and maintain deals in the pipeline. ..Short sales. .. . note buying....thats pretty much the direction I seem to be heading in.. ..I love this site and I appreciate the wealth of knowledge available. . thanks!

G'day,Just a tip for you, I was in your same position when I started out.

I have been continuously reading the posts, however, I took the position to sit back and read BEFORE posting anything on the site.