The formula for Buy and Hold is Rents * 70 - Repairs.example 123 Main St will rent for $800/mo based on other rentals in the area and needs $15k in repairs.800 * 70 = $56,000 - $15,000 = $41,000 which is the max I should pay for that house.

Property manager thinks $5k max. I

@Max Gradowitz Hey Max, I agree with your advice to stay within driving distance of your property... perhaps, you could help me find a really good mf deal in your area.. 

Normally they do 20-50K max. I

Originally posted by Max I: Eddie-I have noticed that in my market too that the rental demand in the "hood" areas is steady compared to other better neighborhoods.

. :)  At the time I made the change, my average stay was 3.2 nights (2 night min, 7 night max).I used to charge $80 a night and a $50 cleaning fee, so I upped $95 a night and got rid of the cleaning fee.

So, Let's say the Appraisal (this is where we get the ARV number comes from, we don't just agree on it) comes in at $200,000 - Our Max is going to be 70% ($140,000)Let's say you bought this property for $110,000 and have a scope of work for $40,000Our loan is 90% of the purchase price ($99,000) + 100% of the rehab ($40,000) Totaling $139,000Total Hard Money loan is $139,000 you have 10% of the purchase price and closing costs as "Skin in the game". 

He has one property that has been sitting for years because he thinks it haunted, maybe I could get a deal on the house and a few priest to run the guest off!

There's usually a fee to borrow but the max is $75, so borrowing $10,000 for 8-9 months for $75 is well worth it to me.

+1 for getting it blessed by a Priest