It seems that when a condo goes into foreclosure the banks stop paying the fees.

Some mortgage brokers are telling me that the banks will not even take the loan because the loan amount is to little, so their fees will be too small.

No contracts, no late fees, just $1 a night.

In recent years we have witnessed an abundance of wholesalers in the real estate world who put properties under contract and then assign that contract to an end buyer for an assignment fee.

My fees are about $300 per year for two accounts.

The city recently increase our fee's from $50.00 per year to $85.00 per year and now we are required to get yearly inspections.

That, along with the attorney fees to change the zoning, and you could be looking at a good outlay of cash.If I were you, I would start with some SFHs, maybe some wholesaling.Good luck man, looks like you are doing good if you are 20 and already thinking about getting into RE.

The finder's fees you'll pay your bird dogs for bringing deals to you are more than offset by the value - and the wealth - they'll generate for you.

If I were to use a seller's agent on the 2nd property I mentioned, using the following numbers: $130,000 x 3.4% seller commission= $4,420 fee. $12,000 profit- $4,420 fee would still leave me a little profit.

Matthew,Here's an assessment using your most optimistic values, and my optimistic expense=40% rule of thumb.Buy: $92,500Rehab: $7,500Loan: $103,000 (includes orig fee and closing costs)Payment: $685.26 (7%, 30 year)Rent: $1200Expenses: $480NOI: $720Cash flow: $34.74Thats pretty thin, especially in light of all those assumptions.When you say the garage is enclosed, do you mean its been converted to a family room or bedroom?