I even do a pre-move-out inspection just to get an idea of what work will be needed, and to review the move-out requirements such as needing receipt for Professional carpet cleaning, all trash removed from the PROPERTY (not left at curb) and I ensure they are aware of the Holdover rate and that there will be a charge for my time if I show up at the move-out and they are not ready.It is a good idea to review all leases for their end date, and schedule an inspection of the property about 60 days ahead of that so you can determine IF you want to renew them, and at what rate.

:wink: Thanks for your response.JamesJames thanks for the reply it was not taken personal but i just wanted to mention the full information that was left out in the pieces mention here and i did not take it offensively either nor to start a headed debate but in all fairness i need to clear a couple of things thats all.I am too an investor and own about a couple of complexes totalling 47 units and growing.

Offer them the house on the following terms;$170K sales price$5K down$165K @ 8%, 30 year amortization, 10 year balloon.P&I about $1210/month.If they don't have the $5K, and/or can't handle the PITI, probably at least $1400, then DON'T DO THE DEAL.With the money you're losing at that rent you'll be miles ahead.

Our agreement is that after loans are paid off and closing costs are paid.. and I'm paid back my initial equity, res. beneficiary can have 100% of balance remaing .. my initial equity is > $25k, by mutual agreement.Gatten has designed a system that works- and overcomes the limitations and far higher risks inherent in land contracts, lease/options, straight options, 'subject to" deals, etc.

Let me see if I've got this straight.

Thanks Michael for the tips, it is very much appreciated.So it seems like to me to avoid any possible problems with sellers etc.. is to ensure you have solid investors ahead of time.This is a lot of fun and I look forward to really getting into this.

Make sure you talk with a mortgage broker ahead of time to make sure you are ready to go.

I'm assuming that the type of broker you are dealing with is what is called a business broker---I wasn't aware that the margins where so rich in that area, did he suggest 10% with a straight face?

f=41Or you might want to try getting involved with REO properties and picking them up straight form the bank at a discount!

So once you reach 10 go ahead and start a thread with your business offer in the link below, thank you for your time and have a nice day my friend........Make Deals & Find Partners Forum:http://forums.biggerpockets.com/viewforum.php?