According to that ad, which of course may not be reliable, the house rents for 850 and is in move-in condition.850 - 365.54 - 149.42 = 335.04/month profit (minus whatever other expenses I may be missing here.)If you go back and change that mortgage to a 30yr, at 7%, your monthly payment drops to 254.48, so your profit rises to 446.10/month (again, minus whatever additional expenses I am missing).Not a ton of cash but not a ton of work either, and presumably the value of the property increases with time and you build up equity in it without ever paying the mortgage yourself.So why is this such a deal and why hasn't someone grabbed it already?

additionally, i've seen its common to start off wholesaling.

Or if there is a market, fix and flip the 4-unit to a possible owner-occupant, or investor.This will put additional cash in your pocket and help you gain experience.

In addition, you need to consider the total dollars involved.

you need to make sure you have enough circulation/venting or your pilot will not stay lit.leave closet door open and i bet it stays on.a more permanent solution is to add additional venting in the ceiling area.good luck

You need an education in executory contracts.In NM you can lease, and buy on sub2 or a wrap or seller financing.Get a team together that knows what to do.The contracts I use in a sub2 areThe Purchase And Sale AgreementSeller's Due-On-Sale AcknowledgementThe Quit Claim Deed To TrusteeGet An Authorization To Release Mortgage InformationGet A Limited Power Of AttorneyUpdating The Insurance CoverageControlling The Escrow AccountIf The Mortgage Company Calls The Loan Due What to DoAddendum To Purchase And Sale Agreement Quit Claim Deed To TrusteeAuthorization To Release Mortgage InformationLimited Power Of Attorney Regarding Real EstateInsurance Letter (Adding Additionally Insured)Escrow LetterLetter To Mortgage Company Good luck!

Hands-on investors do typically generate more income per month because, in addition to the cash flow, they EARN money doing the management and maintenance (in other words, they have a job).

These would be offered to tenants first, but if tenats do not want I would try to rent to outsiders.Are you familiar with additional liability or issues that develop from renting garages?

A basic blog from Wordpress.com is a great starting point, and you can mix and match different templates to customize the look you like.It's super-simple, user-friendly, and search engines love it.If you grab a domain, a lot of hosting companies have "fantastico" set up in the user panel so you can add it to your site seamlessly. :)If you need any help, PM me - and FYI, I'll be going away tomorrow until June 6th.

I'm looking at a REO home in Sacramento with a detached garage that has been converted to an additional living area.