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thanks john for clearing that up for me.

when i buy a property from a seller in october.....are the january - september taxes due at closing...paid by the seller right? then i pick up the october - december taxes at the end of the year? how does this work? And if the seller has the taxes in with his mortgage put into escrow ...he/she uses this to pay off the taxes owed .....instead of the taxes owed comming out of what they would pocket at closing...does that make since?

thanks in advance

thanks for the reply...that answer was what i was looking for...
I do realize i need further investigation....will be done on monday...i was just wanting to get an idea of what i might expect...
thanks again

i looked at a house yesterday about 1440 sq ft..has been vacant for about a year..desent shape overall ..one big problem is that last winter the water meter was mistakinly turned on somehow and a pipe bursted underneath the house causing a pretty good leak.......about 1/3 of the houses wood floors are i am assumming warped underneath the carpet. It has caused them to be kinda lumpy i would say ....or have risen in some areas ....how bad is this COST wise? about 220sq ft of living room floor maybe sub floor is ruined...the halway and about half of two bedrooms ...probably about 500sq ft total sub floor and floor will need to be replaced ....Is this out of the ordinary ...or have any of you had to deal with this type of problem.....any suggestions or ideas would be appreciated..thanks

the tax value on this house is $91,000+ and they want 40k but are negotiable....so i think i could get it for around 32k -36k...mkt value i estimated to be around 92k -97k
does this sound like a decent deal even with the busted pipe issue[/img]

hi guys
i was wanting someone to run me through a typical owner will carry.
i have a money partner who im trying to educate more about real estate investing. Im trying to explain the process of it of just what i know about it. i feel like i need more info to convience him. Can some one run me through the steps. Also in the case of him paying cash for a good deal below market value say at 70% in good condition and me refinancing it say at 90%ltv to cash him out and i owc it at 100% of the market value...how can i continue the process of doing more and more in terms of me continuing to refinance each deal in my name.
thanks in advance