We also received $100,000 cash back at closing because we discovered 3/4 of the roof needed replaced (even though the owner had received $145,000 over the past few years from insurance for storm damage to the roof) and the quoted cost was $135,000.

We also received $100,000 cash back at closing because we discovered 3/4 of the roof needed replaced (even though the owner had received $145,000 over the past few years from insurance for storm damage to the roof) and the quoted cost was $135,000.

And read our country's constitution for yourself -- our government was not instituted to provide income equality for all or even to support people with handouts.

Alliance Wealth Builders, Inc. specializes in helping individual and institutional investors from around the world purchase turnkey, cash producing real estate in the greater Birmingham, Alabama area, and other key markets in the State of Alabama.

Make sure you get tenant estoppels signed by each tenant acknowledging they have no security deposit held by the seller, and verifying their lease and payment terms, and current status (up to date, delinquent, etc), and make sure the seller transfers prorated rent and security deposits (if any are discovered) to you at closing (BY THE WAY, YOUR REAL ESTATE AGENT SHOULD BE ON TOP OF ALL OF THESE THINGS). 

It doesn't appear the law in your state dictates what type of financial institution you have to hold the deposit in.

This, combined with the fact that no conventional, institutional, or hard money lenders will lend down payments, makes a purchase under your circumstances extremely difficult, with very limited options.The options available may be so costly that you may be better off trying to “wholesale” the property.

I discovered I’m good at it after purchasing my house a little under a year ago, fixing it up, and adding lots of property value to it!

I began out of state investing in Rochester NY in 2004 and soon discovered that even carefully crafted cash flow projections seldom capture the full impact of the repairs/maintenance you will incur, especially in the upper Midwest (Toledo, Cleveland, Buffalo, Rochester, Erie) where the winters can be absolutely brutal. 

Then I discovered BiggerPockets.