Sounds like it could work out to be a nice deal if you get a place to live and have a renter pay your mortgage payment and possibly other expenses.

Bryan, right now we are in the middle of our most intensive rehab yet, basically a complete gut job.

So I would try to work out a win-win situation and maybe you can slowly take over their entire portfolio.

After several days of intensive framing repairs, the roof is going on this weekend.

I recently picked a a unit that was a rental and they used the same color paint on everything including trim and while at first it threw me for a loop as I like bright white baseboard, molding, doors, etc I can see that it would take much of the work out of painting.

I guess i was always hung up over the fact that the lower income areas were to management intensive, and would eventually turn into a headache if you did not know how to operate them.Im sure that could be the case with with middle class and higheer end rentals, but i always heard that these rentals were less management intensive and you dealt with a better class of people.If you guys do not mind, what do you guys look for in a lower income area before you guys actually decide to invest there?

If so, as a homeowner, you have every legal right to pull your own permits and sub-contraact work out.

A local bank might be willing to setup a relationship with you to workout rehab loans where they finance the purchase and repair costs.

This was not my original intention but seems to work out great for me.The counter offer: same as above except the sale price raised to $54,900.What do you think?

It could be worked with but the numbers don't seem to work out with the input information you mentioned.Loan $30,000Interest: 11%Term/Amortization: 15 yearsP&I Payment = $340.98I/O Payment = $275.00I assume it is suppose to be P&I.