Well the search continues, but I am learning a lot. I figured since you guys seem to be interested in this as well I would post the deals that I find that seem to be good. Here is the first property I found where the numbers *seem* to work:

8 unit apartment building:
Asking $475,000
MLS#N239265
Six one bedroom @ $700 a month.
Two two bedroom @ $800 a month.
Assesed value $163,310 @ 42.53 (Mill Rate)=taxes $6,945

$5,800 a month rent x 12 months=$69,600 a year.

Cap rate=14.6
GRM=6.8


My impression; this property is on Blake street in New Haven. Right next to SCSU and in a crappy area. Not the kind of area I want to be a landlord of personaly. But it is a good example non the less. It actually looks real clean, has recent vinyl sidding and windows. Owners name is withheld from the MLS listing. If it was a few streets over it would be a home run(I think).

Now here are my questons:
1. I talked to a mortgage lender and she said that while primary residence loans are cake, stuff like this is commercial and a different ball game.

So what types of financing and rates can one expect?

2. The best way to own stuff like this is through an LLC. But the catch is loan terms are crap for properties like this if you buy them through an LLC. I keep hearing 20% down. But you can buy them personaly(better terms) then role into an LLC, which will work as long as you don't get caught.

Anyone know the types of financing for property like this where me the investor only has to put up 10% or less?

See 10% is $47,500 of my money, so with the income this place should produce it would take probably about 2 years for that money to be returned to me. Anyone know of a way to increase this rate? To like under a year?

3. What other costs and calculations should I perform? I am looking to put together a sheet of formulas that I can plug these deals into. I have some more advanced stuff in a book somewhere I will dig out tomarrow and crunch some more numbers.

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