You have found a hell of a resource for sharing your knowledge and building your brand.

I bought one as a primary residence and it had brand new carpet, freshly painted, move-in ready and I was under contract day 6 on the market with substantial upfront equity that will come in handy this summer when I hit the 2 year occupancy point.

There are threads on theFastlaneForum.com with specifics of all of my deals, but here is a quick highlight of the current state of my apartment deal (I will be starting another thread because I have a question on how others might address the basement renovation financing situation with the property): Purchase: $210,000 (REO); 2-units rehabbed and updated by the bank, garden unit not yet finished but the framing is completeDown 3.5%: $5,000 Earnest, $900 at closing (seller covered $7,500 in closing costs, also used to buy the FHA rate down to 3.25%)Capex: ~$8,000 (Updated door hardware, amp service from 100 to 200, coin-op laundry machines, etc)Location: 1 block from Brown Line in Chicago (great) on the North SideComps: Property across the street, similar layout sold for $300,000 in March (had slightly nicer finishes, unfinished garden unit)Rent Roll: Unit 2 - $1,300 with parking (3 bed, 1 bath...currently under market since rented November 1st) Unit 1 - $1,100 (live in 2 bed, rent one room at $550 and currently use one parking space worth $150/mo, renting out beginning next month) Garden - $950 (2 bed, proforma for rehab; will cost $15,000-20,000 to rehab) Laundry - $30/moNOI @ 45% (brand new water heaters, furnaces, appliances, etc): $17,030PF Basement Reno NOI @ 45%: $23,430As-Is Cap: 7.8% (yuck!)

My name is Dan and I am a brand new member as well as brand new to real estate investing.

These units are 2 bedroom, 1 bath, non furnished with brand new everything inside (everything was redone and rebuilt this past summer before I bought it).

They typically have less brand recognition and smaller operationsAlso, FHA loans are typically harder to get from an inspection and appraisal standpoint.

I am new to the real estate arena and would like to network with some of the fine folks in Cincinnati.About me: brand new investor, educated myself on the nuts and bolts of wholesaling for a few months, and recently did the first mailing of a yellow letter drip campaign.

I read that to 50% depreciate items they have to be brand new...Anyways thanks!!!

:Brand new to BP poster, foreign, 'cute girl' avatar and draws attention to herself in the title post as being a 'girl that needs your help'?

Jus this year one of our condo projects got a brand new roof.