Subtract more for AirBnB charges, local management, repairs, cleaning, etc and there is not a lot left to pay the mortgage. 

For me personally I am not handy when it comes to repairs and such.

He's essentially lost $150K.Run the numbers if he was renting it for 5 years (minus mortgage, property taxes, repairs, etc). 

My advice is dont put so much down and instead buy a Primary and an investment rental all in one step.May sound crazy moving into a new state and also buying a rental but your already way a head of most investors. 

Hi Leah, I don't agree with the comments about wholesalers I've helped a lot of people struggling to get out of their properties, especially when realtors are asking them to do repairs they don't want to or can't do.

Here are a few lessons I learned during the renovation, many of which stemmed from the age of the house and unexpected hidden damages:1.Damaged Plumbing: Several plumbing pipes were ruptured or severely damaged, requiring replacement.2.Termite Infestation: I discovered termites, which led to additional costs for treatment and repairs.3.Rotted Wood: Significant sections of wood in the structure were rotted and had to be replaced.4.Lack of Insulation: There was no insulation in the att Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Hi, Jaycee The deal makes sense for me after accounting for all expenses including vacancy, cap ex, and repairs.

Just notify your lender of what you are planning on doing ahead of time.

Here are a few lessons I learned during the renovation, many of which stemmed from the age of the house and unexpected hidden damages:1.Damaged Plumbing: Several plumbing pipes were ruptured or severely damaged, requiring replacement.2.Termite Infestation: I discovered termites, which led to additional costs for treatment and repairs.3.Rotted Wood: Significant sections of wood in the structure were rotted and had to be replaced.4.Lack of Insulation: There was no insulation in the att Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

This problem has been building for a while now and appears to be coming to a head, not just with Blacktip, but with other Cape Coral area builders as well.