I'm sure you are going to enjoy the time you spend here at the site.

I spend a lot of time in Germantown though and maybe we can get together and share information.

You want to categorize your callers as quickly as possible so you can tell the suspects to call you back if they change their minds, and spend your time with the prospects.

Although I don't really want to spend my time putting one together, I think it is essential to have one in the area.

Or, solving for debt service will give you an idea (albeit subject to the details of your financing arrangements) of how much you can spend to acquire the property given the average/acceptable rents in a particular area.I like bar room napkin math and this looks like a quick and dirty way to determine whether I should spend more time considering a particular property or not.Please let me know if my conclusions are flawed.Thanks again,

The time you spend researching now is paying off in knowledge.

Many times as soon as you spend countless hours helping this person, they will just get back together anyway.

$450/mo is on the low to mid- range for 2 br and $375 is low to mid for a 1 br in this area.Here's the projected budget I have constructed:Annual Net Rent: 39,30750% Expense Rule: 19,654NOI: 19,654Cap Rate 10%After Repair Value: 196,000Repair/Improvements: (85,000)Current Value: 111,000Offer Price: 100,000 cash to close w/in 3 daysTotal Hard Money Investment/Loan: $185,000 (purch + repair)The terms I have worked out are to repay the hard money within 6 months by placing a new mortgage on the property with an agreed purchase price of $203,000.

If you don't want to spend the money to see an attorney, then you can also get a lot of good information from the SUCCESSFUL landlords at your local REIA.Good Luck,Mike

I have been going through hard money lenders and such for a while but the limits that they are imposing and the slowness of the process on a whole is making it where I am spending more time dealing with the hard money lender than I am finding properties and end buyers.