I utilized a Fannie Mae 5% loan to purchase the property.

You should have a clear understanding of property tax rates, insurance costs, repair costs, utilities, landscaping etc.Any buyer must develop their own proforma and that is what should be relied on.

@Ben Trageser I am not in Rhode Island though but happy to utilize my network to help you

S8 will include utilities in the rent payments to the landlord, BUT ONLY UP TO A CERTAIN AMOUNT.

First, create a Post-Closing Occupancy Agreement that clearly states when the seller needs to move out, any rent or fees they'll need to pay during their stay, and what their responsibilities are regarding utilities and maintenance.

We started with $1MM of our own capital, and have since grown to about $25MM through raising private money and utilizing bank lines of credit.

Personally, I'd pay with cash or utilize hard money and obviously the market in Memphis is very different than in Phoenix, but I don't think there's any way investors could get something for that much out of pocket down here haha.

Is it legal in Oneida County in Upstate NY to charge tenants a flat rate for utilities?

If Landlord exercises this Right, binder funds will be mailed within 7 days to Prospective Tenant(s) at a current address listed on their application(s).Move-In RequirementsFirst Month’s Rent must be paid in full in the amount of: $__________Security Deposit must be paid in full in the amount of: $__________Other Move-in Fees must be paid in full in the amount of: $__________All tenant paid utilities must be transferred into Prospective Tenant’s name.Background checks done on all occupants aged 18 and above.A Lease must be executed and signed by all parties.When all move-in requirements have been met and Prospective Tenant(s) given possession of the property, the binder will be used as the tenant’s security deposit.

I leveraged a HELOC on my first property in the amount of $200K and utilized that as a warchest to start acquiring cash flowing multifamily.