Just know there’s a lot of competition, so you’ll need to stay consistent.

A borrower must choose his or her own contractors to perform the needed renovation.Ø All Contractors participating in the HomeStyle Renovation Program must complete a Contractor Profile Report.

These loan officers will be important resources if you are consistently executing on the business plans behind each loan they give you.

Digitize physical receipts for easy storage and use a consistent naming convention for easy sorting - 2024.03.25 Home Depot.Maintain proper records, such as contracts, settlement statements, and promissory notes.Additionally, you can track income and expenses consistently using software or spreadsheets.As you scale, if bookkeeping isn't fun, consider hiring a bookkeeper for a couple hundred bucks per month.

I got good at estimating renovation costs by making an initial estimate based on photos/walkthrough, drawing up a model like you see here, then once the project is finished, go to accounting, get the actual expense report for that property, and update the model.

The $100k is total revenue as airdna reports it so includes the cleaning fees.  

Thanks for reporting!

I have the second address and spot meter report completed and having plans drawn up.  

. - Drainage patterns and erosion around the foundation were consistent with the settling we saw, suggesting the slab foundation had been continuously undermined throughout the 23-year life of the house. - We plan on holding the property as a long-term rental, and the amortized cost of the repairs is marginal.

It’s given me the opportunity to save and prepare for my next upcoming purchase.I’ve gotten the units from $750x2 and $800x2 to a consistent $900. current mortgage is $2500 monthly, refinancing to a conventional and removing mortgage insurance should bring me to $2100.