Use the top three or four discriminators so applicants can screen themselves.Then you need to have clear screening criteria yourself.

It’s a small single family three bedroom one bathroom unit, I bought it for cheap and plan on renting on the higher scale by making minor improvements such as flooring, fresh paints and of course new kitchen and bathroom

So until supply loosens buyers will be forced to get creative and pay up.I don’t think it’s the overall crazy demand like you’ve seen in single families driving up prices- there is just literally almost zero double inventory.I did three doubles last year and still shocked I picked them up at decent prices in Lakewood.

However here are the three big risks that can devastate any investors portfolio.1.

I think what muddy’s the water is we have four LTR and three STR’s.

Definitely a lesson learned to not pay in advance no matter what stage we are in the process/relationship that has been built.Luckily, I already met with three different contractors and all of them are wanting to finish the project within our February deadline.

If you've had a license for eight years and don't know how to get a PM license in your state, then I would suggest you don't have sufficient knowledge or experience to take on the responsibility, particularly in a state that is very difficult to navigate. 

You need to ask what the income is on it.I know three years ago my buddy's parents' cabin that was 1.7 was bringing in 350k during the boom rents. 

Each are better suited fordifferent business strategies.You will need to personally guarantee the loan, andhave sufficient net worth and liquidity (which will again vary based on thelender and product type).

I would like to own 4-6 properties in the next three years.