Update: 4/11/2013. We are set to close 4/17.
Update: 3/22/2013. The bank accepted my offer!
Here is a property I have under contract as a short sale. I love this house! It needs some work, but has a ton of upside. It is a 5 bedroom, 2 bath, with 2 cat attached garage, walkout basement, ac and deck. The best part is the home is less than 20 years old! I hope to get this property for under $115,000 and rent it for at least $1,300. I have it under contract as a VA short sale and I was told I am in the ballpark with my contract price. VA bases their short sale acceptance on an appraisal they have done. If the net contract price to them is within a certain percentage of the appraisal they accept it. The appraisal was already done before I made my offer and I should know for sure what price they are accepting soon.
FYI, I made my offer on this one about 3 hours after it came on the market.
This property is perfect for my long term rental strategy. Check out my other properties, tips on mortgages and finding properties in my complete guide to investing in long term rentals.