Never collected a dime the first year, but stuck with it.The properties are out there and not on the MLS.

But after reading a lot here and reading rich dad poor dad recently I have seen the light that true wealth is collecting those income producing assests.

and basically the money they get from the tennants each month will pay for the mortgage itself.So, are you saying that the rent I collect each month will be the same as the mortgage payment?

It is best that you don't do it if you plan on screwing them, by collecting rent and not paying the mortgage.

I am doing this because my parents are in retirement and I want to take care of them.In other words from January to June, I collect rent from my renter.

A bank is in the business of lending money and collecting savings from people with surplus cash.They are not in the business of brokering real estate.

Ive talked to several investors that have invested in Baltimore city and they have told me too stay far away from it because they cannot get there houses sold, having problems collecting rent from tenants because they use there money(if they even have any) on drugs, and other usless stuff.

It will give you a whole collection of ideas when dealing with lease/options.3.

You as the lender on the sale collect monthly payments from the borrower.

Mike-OH would say that you should plan on spending 40% to 50% of what you collect on running costs.