Lots of old properties where I'm at, so it isn't unusual to expect $10k+ of capex out of the gate for water heaters, putting in central air possibly, and other old property issues.

I believe that successfully navigating this initial investment will pave the way for future opportunities, whether in the same market or elsewhere.Living in New York City, I faced a challenging market ;)I chose Montgomery, Alabama.Here's my process:I compiled a list of states with favorable landlord laws.Using Brightinvestor, I identified cities within those states where the median home price falls below the national average ($420k).I excluded cities with negative income growth and rising unemployment rates.I focused on cities with strong appreciation rates over the past five years (over 10%).I compared price-to-rent ratios.I did break two rules: Montgomery has a slight decline in population, and its largest employers are an Air Force base and government agencies.One significant factor that influenced my decision was the promising price-to-rent ratio, suggesting potential for positive cash flow (though I remain cautious about appreciation).Regarding my acquisition strategy:I plan to employ the BRRR method with cash.

, most of those nations have much heavier governmental intervention in the real estate market, more onerous regulations and bureaucrats who (ostensibly) prevent problems on either side of the equation.

This step must be done carefully to avoid further damage.Structural Repairs: Address any structural damage first, including the roof, walls, and foundation.Systems Repair: Repair or replace electrical, plumbing, and HVAC systems as needed.Interior Restoration: Once the structural and system repairs are complete, focus on restoring the interior, including insulation, drywall, flooring, and fixtures.Safety and Health Concerns:Air Quality: Ensure proper ventilation and air quality during and after the restoration process to remove smoke odors and contaminants.Mold Remediation: Check for and address any mold growth, which can be a common issue in fire-damaged properties due to water used in firefighting.Final Inspections:City Inspections: Coordinate with the city for final inspections to ensure that the property is safe and habitable.Fire Department Clearance: Obtain clearance from the Fire Department confirming that the property is safe to occupy.I hope this helps, best of luck!

Hello all, we are so excited to close on our first StR/ MTR that will be a complete gut job. The property is a 3/2, in a great family friendly area and very close to a commuter college. It’s in very bad condition righ...

When it comes to safety or preventing further damage to the property, we will make decisions with or without the owner's permission as that is stated in the PMA. 

I am a nurse by trade and have been reading books and consuming a lot of media about investing, but am wondering if a coach could help me find better deals and avoid preventable mistakes.

All new victims please start a new thread to show up in search results to possibly prevent new victims as he continues to prey on innocent people to this day with events & online camps & such.

I tell her she should get a contract, which my mother tells me she can go to Walmart and get a contract and that will settle that, and my relative left his entire home furnished, so imo that makes more sense to air bnb but I’m not expert  I’m wondering are there anything to look out for or avoid a migraine with?

If they're unwilling or unable to do so, take that task on yourself.Assuming you can clear the air, let them continue doing what they've done well for you in the past - property management.