MencarowNo Comments Given the Dodd-Frank Act’s ill-advised, uninformed and, frankly, insane assault upon seller mortgages as virtually “predatory lending,” members of Congress —who vote on bills they have never read (as a legislative director in the US Congress for years I can assure you that is true) — and cushy-jobs-for-life-can’t-be-fired-no-matter-what-they-do-or-refuse-to-do bureaucrats (who determine how the laws that members of Congress never read are to be interpreted and enforced) need to understand is that seller mortgages are not loans — they are installment sales.

If you want to find out real quick if the turn key company knows the area well, ask them to give you a virtual online tour on Google Maps and to walk you through different areas and whey they are good or bad.

I will give you a virtual pat on the back for this idea.  

.$1,800 Laundry (old top load COIN (0.75c) washer/dryer, I believe this can be improved, with new card machines)ExpensesBldg Insurance        2976Flood Insurance      2690 (hoping this doesn't increase...)RE Tax                    6297Electricity                720 (decrease through more efficient lights/washer/dryer)Natural Gas            1200 (2 tankless water heaters, decrease through showerhead)Water/Sewage/Trash  4380 (don't know exactly how much for water, though trash is $33/unit, hoping to add water saving aerotors/showerhead/toilet to all units, maybe submetering)Lawn Care               540   (Will eliminate this due to me living on site) 7% - Vacancy               5187 (little turn over)7% - Management        48246% - Maintenance        4446Actual Income $75,900Expenses        $33,260Net Income      $42,640P&I                   $29,568P&I 2nd              $9,278End Cash Flow $3,79475% loan 5.25% fixed/amortized 5/25Seller financing 40k 6% over 5years So my question is, will this deal work?

As far as I can tell, Whirlpool is the *ONLY* brand of coin operated laundry machine available from Home Depot, Lowes and it is terribly reviewed.  

Generally, that won't happen with an attorney.I understand everyone wants to form their company on the cheap, you can accomplish some things, I'd say most OAs that are canned boilerplate are probably trash, you should consider your other assets, your estate, Will, Powers of Attorneys, matters with heirs to build a sound, orchestrated machine to run your personal side along with your business interests, I bet less than 10% here have a fine tuned orchestrated and operational contingencies.

If you buy right, and there is no negative cash flow, rent control can be like an ATM machine as your tenants retire your debt.Note:  When you have a vacancy, you may rent that unit for full market value.

Things are way different over there, 5 miles could mean $30K price drops and machine gun territory.   

Virtual Assistant.How I have set up a small company, with Virtual Assistants.Here is exactly how I do it.Why do I like to work with VA’s?

Rent the machine (if you can't buy one) and rent some unemployed college aged student type!