So, if the expected rent is $725, you can only afford to pay about $36,000 for the house.Think of it this way.

He did sell his products but he got out of flipping and started his own home inspection company.

If they can not afford the place now they will not be a positive tenant.In many ways hard money lenders avoid at all cost lending to homeowners.

The rule of thumb is that you can afford to pay 70% of the ARV (after repaired value) less the cost of repairs.

If the homeowner couldn't afford the mortgage payment, they certainly can't afford the rent.

With an income of 1200, you can't even afford the debt service.

So needless to say, I have already afforded myself a great education in the land of real estate.I recently, Finally, read Rich Dad Poor Dad by Kiyosaki.

But we are finding the taxes on the ARV will not be affordable for us just starting out, as it would be our first home.

The properties are going for around 90 cents/sq foot, which I'm told is a steal.Well, it looks like I can finally afford that 10,000 sq ft mansion!!!

Understand that depending on what you are looking for you might have to try several different brokers/agents to find the right fit of a personality you like, someone that's truly qualified, and who is in tune with the specific product you're looking for.