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Great thanks for the help. He gave me the market rent but what I really want is the current rent. Anyone else have any suggestion.

When reviewing a investment property (rental) what initial questions should ask the seller? Current rent roll? Review W2? etc....

Thanks all

MikeOH -

What do you look for in a building? Do you normal buy building that need a lot of work that are empty or do you buy building in nice neighborhoods that are 100% full and need little work?

Do you end up getting a higher percent rate because you borrow 100%?

MikeOH -

My biggest concern is obtain the funds to buy a building. I have great credit and I'm on my second home. The first one I stayed at for two years then resold if for a 80,000 profit. I then put that into my second home which is bigger and better.

My question is - did you start small or big? Did you need 20 to 30% down to get your first place? If not how did you do it?

I currently work in IT and hate it, plus it's not stable as it use to be...Been doing it for six years I have worked at 8 different places. I would like to get into rental full-time with some commercial properties mixed in.

MikeOH,

Can you lay out the basic of a rental business.

Thanks

If I was 19 again and had 30,000 to invest I would buy a multi-family and live there while I attend school or work on a career....

To be honest with you I don't think you can get that rent in Waterbury. Looking at the market place (not knowing much about the place your are talking about), but that seems high. Most place rent in Waterbury for 500-700 max....

This rule can get you in a lot of trouble...

Some markets you could follow this rule and some you can't. If lower markets you will be paying to much for a house.

Thanks - that's sound advise. We are working on getting our expenses down and using budgeting software to help with that - do you recommand any. Microsoft Money or Quicken?