Finally, I've written about our one default situation.

I am excited to say I finally am ready to get started real estate investing.

I feel the need to find the deal, create the scope of work, bid the work out, and create a final "punch list".

I spoke with my banker who is high up to the food chain, and he said that as long as the payment is being made, he will not do a due on sale clause, and his final remark was it is better let someone make the payment then start a foreclosure.

I spent time on Craigslist, Facebook and looking through the paper looking for deals.I was supposed to go and look at (2) properties but the seller never called me back to finalize a time.

(He also has not paid final rent for 10 days which was due on the 14th; he asked me to deduct from deposit - I did not reply).

=(Interestingly, they are still in the Short Sale Business, and after a Thanksgiving offer, they finally accepted their own "pre-approved" amount after 6 weeks.

I'm writing to share the story of my first REI deal finally closing!

I like Bill Jacobsen's analysis, but I would have to have more info about the location before accepting an 8.9% cap.

Great list @Ky Sharp If you are confident in your analysis and buying all cash the appraisal/bpo isn't necessary but an appraisal may help you negotiate if it comes in low.We like to have two or three mgt companies walk the property during due diligence and propose their mgt plan that includes a capex and/or repositioning budget.If the subject property and all properties nearby are the only things ever built on the land there you may not need a phase 1 environmental but if it's a large property and/or you're bringing in outside capital (lenders or equity partners/investors) having one demonstrates your thoroughness and professionalism even if one is not required.If there isn't a recent survey one it may be required but if one is not required getting a new one falls under the same considerations as above.We have gone to always having an engineer do the inspection even though it can be 2x what a non-engineer inspector may charge.