Then you need to see as many "junkers" as you can and get comfortable inspecting the property top to bottom and estimating repairs.When you know how much the property will be worth when it is fixed up (the market) and what it will take to get it fixed up (the estimate) then you can make offers on the junkers.The biggest sticking point for new investors is being comfortable with finding these two numbers.

These are probably not a good idea for someone just starting out since it requires you to accurately estimate the cost of repairing a building.

The amount of premium you pay over rents, whether you pay an upfront "option" fee and how much it is, whether you pay a lump sum deposit upon exercising the option...totally between you and the seller.It might be easiest to estimate a purchase price -- try to agree on a timeline and whether the market will go up, down, or stay the same in your area over that time.

You use the distressed sales as your starting point for bank negotiations and you use the retail sales to estimate ARV.As for alternatives that are out there for investors... you could try Zillow.

Woops.Unfortunately since you have PITI all wrapped up together it's tough for me to estimate what your actual equity is going to be in 10 years.

If you want to do it yourself then try http://zillow.com or your county auditor's website for recent sales of similar houses.So after you have the comparable sales data you will want to estimate the cost of repairs to the house.

I paid $192,000 for it, and I estimate it's value as a whole at $225,000 (not appreciating real fast) or as condos at $125,000-$135,000 for each side.

I'll need new electric service, furnace & hot water heater . . . so, all and all, there is no MAJOR renovating, simply getting these 2 units operational. . .If you know of any good, reliable, and reputable contractors in the area, please PM me, or send me their details.

Hello, from ColoradoMy name is Derwood and I have been in the construction and renovation trades for most of my life.

Sounds like you got a lot out of it anyway with getting comfortable estimating repairs.