On the other hand, parlaying my existing equity into a portfolio of 3-5 cashflowing properties in the $100K range (with 20-25% down) in other parts of the country -- places like Memphis, KC, Charlotte, etc -- is attractive because if I get in with the right Turn Key companies I could use my cashflow to continue to acquire additional properties over time and leave the details to the professionals.Are there other strategies I should consider? 

Those absolutely exist, don't get me wrong, but unless you know what the regulations are (at least in principal) you can't double check their work on your behalf. 

If the bank will not require a haircut on their existing debt, I don't know the mechanics of the process all that well but it could ease the burden if the sale will allow the seller to pay off the loan in full.Regarding the potential basement units, I know that elevations vary in that neck of the woods.

A quit claim deed is very risky in this case, since you don't know if other liens or judgments exist.

I exclusively take over existing mortgages from home owners who can't afford their payments and can't afford to sell through a realtor.Someone you may want to look up there in Sarnia is Don Knight at RE/MAX.

Remember @Andrew Noway most HML are making $ hand over fist right now, and have NO IDEA, CF even exists.  

They countered us back to $152k (LP of $154k), and the existing monthly rent is $1400 (could potentially get up to $1600/month), putting this right around, or just below the 1% mark.  

There are tons of VR's, but the 80/20 rules exists here as well. 20% of the properties are getting 80% of the bookings.What are your expences break down?

Hi all.I figure it's time to introduce myself, having lurked, watched several webinars and taken in 12 hours of BP Podcasts over the past month or so.Anyway, my name is Craig, I live near Manchester, England, and I have absolutely ZERO experience in Real Estate.However, having seen my uncle and his 2 sons do really well in RE, and having nothing in the way of a retirement plan/fund (and being 44), I figure it's time to get off my butt and come up with a plan.Having looked around, RE seems like the way to go but, like a lot of people, pretty much everything I have is tied up my home and , as we only moved to this property 2 years ago, we don't have a massive amount of equity in it yet.Therefore, I need to find out how much of what i am reading/hearing on BP actually applies to UK Real Estate for a start (obviously, things like the MLS don't exist here - at least not to my knowledge) and how I can start doing something in the next 1-2 years.I could go to my cousins for advice, but we've never been a particularly close family and I don't want to just turn up and start asking for handouts (any advice they give could potentially impact their own business, as they buy-to-rent in an area less than 10 miles from me).I would prefer to get in to buy-to-rent (or buy-and-hold as I believe it's called over there), as I have a full-time IT job, that I am not looking to give up any time soon.Also, if any other UK-based members have advice on the best way to deal with the banks, any specific rules/pitfalls over here, whether the auction is the only place to buy smaller, cheap properties that need rehab (every man and his dog seems to go there, though, thanks to programmes like Homes Under the Hammer).Anyway. 

Prop 13 exists in California!