On your first few flips, don't get into heavy rehabs.

I live in a tourist heavy area, and I know a few cleaners and repair people but I don't know how to get started and how I should go about getting into this business?  

-Added 3/4 bath to master suite-ALL new interior (drywall, paint, all fixtures, flooring, appliances, kitchen, bathroom, cabinets, etc)-new front porch-removed eyesore fencing-new interior and exterior doors-all new windows-new water heater and heaterMost of the heavy rehab work (cost) was obviously 'behind the scenes' stuff (foundation, electrical) What made you interested in investing in this type of deal?

I am senior in college graduating this coming May and have secured an insanely high paying tech job in the DC area working for a big tech company making a total compensation(base salary, bonus and stock) of 233k my first year(very cash heavy only about 4% stock).

It is with a heavy heart that I am in a bind.

You also need appropriate language in your lease or house rules to authorize (and reference) these fees.Examples could include- auger toilet; rekey locks (per cylinder); painting (per room, or SF): cleaning appliance; stripping/waxing per room; carpet shampoo per room; light cleaning; heavy cleaning; trash removal per pickup load...You also need an adequate disclaimer for NON-routine situations- perhaps an hourly charge, or emergency after hours rates, etc.

Unless you are sitting on a pile of cash, your income will not get replaced overnight.

Since Worcester is a rental-heavy city and the average age is around 30-35, you will end up with many families with younger kids.

REITs are also a good option that often play in with this type of strategy, but that does little for diversifying your already RE heavy portfolio.

We're looking for a primarily financial deal and want to avoid heavy renovation projects as much as possible.