Send me a PM if you ever want to get together for coffee some morning and talk REI great to network with fellow BPers and tennesseans!

(so time changes motivation for sure) he basically took what he owed, we decided we could profit , got it under contract posted it on my local REI forum at 11pm the next morning had about 3 potential buyers, 1 even sent a contract!

., but 30 years is a long time...however you have to be prepared for the possibility that the rents could go down and not cover the mortgage (not too likely in my opinion) or the vacancy factor could go up and you again may not be able to cover the mortgage.Lastly if we have another crash in values and it goes down under what you owe then your $35k equity could disappear.These scenarios could cause you to  end up giving it back to the bank and ruin you credit thru no fault of your own.

I will start that first thing Monday morning.

I mean, I could think of 10 factors to come in play.

This means the property needs to return $25k per year over the next 10 years in order to be equivalent to the first model.Moving from this simplified model to your real life situation, here are some complicating factors:1.

Property management will be one of the biggest factors to your success. 

It’s a no-brainer, especially when you factor in the money you’re throwing away each month in rent, and it’s definitely possible in the LA area.

Don't forget to factor your depreciation on those machines for taxes.

Athol Dickson good morning Athol!