He told me he would sell the house for what he owed, which was still higher than I could go.

If you do purchase, look to do it April - November when inventory is higher and owners are not getting any rental income.

I'm originally from the Mitchell/Bedford area just south of you.I looked at B-town as an area to invest in but found I can get much higher return here in Indy - not to say you can't find good opportunities in your back yard.Here's a few more books I'd suggest to ready as soon as you can.

Next time I'd be willing to take a slightly lower offer if it came with a shorter inspection and higher EMD.

@Sean McGovern While this makes more sense that renting your current place at a higher rate, this may not be the best investment property down the road.

You could buy a couple other properties for that amount that both cash-flow much higher than $40/month. $40 isn't a lot to work with.

If the value comes up low in either of the latter two methods, you can then request and pay for the full interior appraisal in hopes of getting a higher value.

In other markets, you can get 3% where houses are cheap and repairs are about the same, turnover is high, or crime is higher ... for Josh, we'll say, Detroit.In certain parts of Atlanta, you can sometimes only get 1% rule houses.

Financing contingency might be acceptable financing at a rate no higher than x%, name your poison.The lender will protect you as they will protect themselves with an appraisal, required repairs and title work.This way you don't spend money before you have a contract.

In addition, new properties command higher rents, with vacation rentals having the potential to be even higher!