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howdy
One of your best sources for finding good rental property(if thats what you want) is a good property management firm.As a former firm owner a large number of my sales were to folks wanting good rental properties.Agents who manage property know who wants to sell and what the true market conditions are in their area.There is nothing sadder than having to tell an out of town investor that they bought a property from an agent or seller, that won't rent.

It appears like your bank will accept an appraisal for 285k on your subject property.if they are making a loan for 238k that means you have to have approx.16.5% down(47,000.) closing costs included.if your sales price is only 215k that means the seller gets his 215k and goes away.you are left with a property worth 285k that has 47k of your money in it plus 23k equity.or 70k in the bank so to speak.if the seller is going to lend you 20k it should be out of his proceeds from the 215k sales price.he must be a nice person to loan you his money for 2years no payments no interest.
It looks like you need the 20k to help make the down payment and closing costs.If so you have to make enough on the resale to cover the 20k plus the costs incurred for rehab,holding,and acquiring the property and still make enough profit for it to be worthwhile.Is the bank going to give you 48k at closing for rehab?Or are you going to do a home improvement loan?You can normally borrow up to 50k that way.If you are a contractor and do the work yourself you will still have a hard time adding a second story and bathroom plus other repairs for under 50k.My swimming pool cost more than that.If you can pull it off however creative you get with it,you still have to sell by 01/07 and for 335k.or preferably alot more. What are the consequences if you don't sell the property.Foreclosure? Ruined credit?Loss of a friend?Good Luck!!

Welcome cashflow.
check this site www.recenter.tamu.edu and click on my www icon to search my area mls.If your not a Realtor I am a Broker here.
Mike

Welcome to the site.

Welcome to the site.

Welcome!
thanks for the info.heres a great r.e. info site. www.recenter.tamu.edu
im a broker in College Station Texas.folks are coming here from all over because of the great values on property and Texas A&M University.you can search up to date listings from my mls site. type mikecutler.bcs.mlxchange.com or just click on my www icon at this site.i would be curious to compare foreclosure sales there with regular sales here.we have very few foreclosures in our area and usually they have structural problems or liens etc.I love to pay referrals (25%) for folks headed this way.
Mike

HOWDY YALL
GarGus it sounds like the Austin area is making a good comeback or at least the start of one.I remember when I took my ABR over there everyone was dealing with contract wars and then the high tech crash came.BCS is still riding the wave and building is going on everywhere.Especially in the commercial arena.Land has gone up steadily which has escalated prices but this area is still undervalued compared to most of the places folks are coming from.It is common to see people buying with a good chunk left over from their out of state sales proceeds.Investors in rental properties are not as happy as they once were as the escalated prices are making it hard to get a good return without putting more in.The junker market has alot of inventory for those that rehab.Some Ive seen as low as 22000.The lots are usually good size.(10000 sq ft and bigger).Locations most of the time are iffy.High end rehabs are coming into the picture more now.Wealthy College kids live in and trash expensive homes that their folks buy and then wind up selling them cheap to cut their losses.Ilove this country.Well im off to NYC for 2 weeks of R&R with the family.Hope yall write a bunch of clean deals while I'm gone.Adios.Jennysh thanks for the website on your condo hotel its a beauty! Who knows maybe I will be able to send you some business.
Carptr, I'm descending upon Manhattan with my kids theatre group for fun food broadway shows workshops etc.A whirlwind vacation.Lookin forward to it.
Mike

Mike

Thanks.As I start my next venture I have been thinking alot about website placement and trying to count the cost.I hate the thought of wasting ad money on things that dont produce.
Mike

Top site placement on search engines seems to be dominated more and more by groups like homeslocal etc. who are able to pay the high price for top spots.Are there any agents out there who have mastered the art of SEO ing themselves??
mike

welcome.the best thing about Real Estate is the fact that you never quit learning.good luck.
mike