Posted by wes on October 02, 2005 at 11:40:15:
Yea!
That’s about it…
But being new, perhaps you should ask yourself this old question:
If it were that easy, why wouldn’t everyone do it???
Other questions you need to ask:
Can you get the loan?
Can you find a tenant(s)?
Can you find a tenant that will pay rent high enough to cover the debt service of the loan?
What are the other expenses you are responsible for besides the Debt service such as taxes, insurance, utilities, etc.
With those things in mind, instead of “pocketing the difference” what if the difference is “Negative”?
Do you have the ability to cover the difference and for how long??
Just a few things to consider.
Other that that, You seem to have a pretty good grasp of “it”.