This approach isn't making me rich each month, but in 20 years, if I decide to keep, it'll be paid off and throwing off whatever the rents may be at that time.Sure, making 100k in a flip is great (and looking forward to that deal) but a few more like these and life becomes easy.I saw the benefit of having 50% ownership with finding the deal and dealing with the rehab and the partner made their 50% by letting me use their money for a year.

Hi Everybody,I've looked into this online, and found a wide range of opinion, so I thought I would throw this out to the community...When taking over an existing mortgage, can you deduct the mortgage interest on your taxes?

You just throw extra money as it comes along at the principal over time and it's almost like having a 15 year.

Once you figure out the highest and best use, you can estimate the potential income it would throw off (or it's potential sale price if it wouldn't be an income property and someone were to develop and sell), and then do the analysis from there to determine value.

Throw in the management expense and it becomes $260/month cash flow and 10%+ ROI.$1300 in Rent against the following expenses on your original numbers:Mortgage Rate 5.00%Length of Mortgage in years 30Monthly Mortgage payment $643.78Taxes $150.00Sewer and Water $-Trash $-Heat/Utilities $-HOA $-Cap Ex and Ops $150.00 (this is a bit higher than your number, but not major in terms of the entire deal, and yes, it is a realistic number)Insurance $100.00Mgmt Fee $-Vacancy $104.00Total Expenses $1,147.78

You might as well throw $100 bills out the window as your drive.

but i pay, i keep the area clean. i told the head guy some choice words after i was heated and flipped out on him... i really don't care for them at this point... i just want to know can they force me to move or foreclose on my house even if i pay the dues, keep the area clean, don't throw any parties,, etc... they don't want me calling the office any longer, i'm still going to..... i basically call them and tell them they suck at their jobs because something still isn't fixed and all they care about is my money... i do this several times a day... i could careless about them... the words i said, trust me there is no forgiving

If putting that much down you could go after a larger property that could throw off more yield upon rehab.

I am located about 20 minutes outside of NYC and the house i live in appreciated from 500k to around 1.3 in 9 years of living here (though i'm looking for a rentable condo to buy) - I figured i'd throw that out there just as an example of the type of towns i'm located around.

If everyone did that than :badwords: would hit the fan and a lot of people would be unhappy, for example.Promise an investor 25% on their money and they only profit 19% they just might throw you out the bus.But if you originally promised them 15% and came up with that 19% then you look like the hero and everyone is happy.Thanks again Jon :lol: