Some properties also require a lot of renovations (sometimes I estimate 20k minimum when a 1600 sq ft home needs a complete interior finish)?

We purchased a house, listed it for rent a few days after closing, and had the following work done: Painting (interior of house) - $4,220Plumbing and electrical work - $1,603Countertops - $2,130Flooring - $5,800Garage Door - $8501.)  

Think of all those apartments that you rented or visited that only had one (1) door to enter.Agree with others, that you should make sure the work was permitted and approved.Mike:While windows with openings of a certain size do provide and avenue of egress, two separate doorway exists may still be required - particularly if one opens into a common interior space.  

Background of my self I own two flooring stores with twelve years of interior construction experience.

. ($350)One is on social security and is disabled – other pays rent cashiers check ($275)Unit mix 2 x 2 bd/ 1 bth Here are the numbers:Price $26,000 (they will only accept cash) I can come up with about 10k in cash but would have to take a personal loan to cover the restGross Rent: $7,500 (100% occupancy consistently)Expenses –A) $1975 (owners claims with property mgt included)OR –B) $3000 (if I assume a 40% of rents =expenses) NOI:$5,525 (if use A expenses)OR$4.500 (if use B expenses)Even if I was to 100% LTV at a $26K price at approx 7.5% Annual Debt Service would be: $2340So Annual positive Cash Flow would be: $3185 (if expenses A – owner claims) (or $265 a month)OR $2160 (if expenses B – using 40% of gross rents) (or $180 a month)Repairs known (before property inspection) needs new exterior and interior paint (additional $1,500), Roof is approximately 10 years old The money seems small but consistentDuplex Located in Buffalo, New York There have been a lot of foreclosures in that area – some I can tell were investorsOn the plus side, these tenants don’t seem like they are going any where soon.

If the property has landscaping in place make sure it is cleaned up then add fresh mulch and some potted plants in a complimentary color scheme to the house color scheme to the house.† Go for balance with some around a tree or spaced across the front of the house then some on either side of the front porch or door and one inside where you have people sign in.† You don't spend a lot of time, effort, or money but you get a very nice result.† Depending on the yard you might add some decorative wind chimes to the trees or bird houses or other cute extra to make people have a little "ah moment" that makes your property stick in their mind.The next area you want to address is creative marketing.† Invite all the neighborhood residents to an invitation only presale open house party.Have simple finger foods and if it is a neighborhood with many young children you might put a toy box with little gift bags for the children in the room most likely to be for a young child.† If the neighborhood has more tweens and teens you might set up a game system in one room that will stay with the house.† Many times a neighbor will know someone who would like to live in their neighborhood.When you do hold an open house go the extra mile to make it stand out.† Make your sign post at least 36†high so it stands above the rest.† You might also go to a party store and get a cardboard figure and put it behind the sign so it looks like it is holding it.† You could put individually† wrapped soaps in a pretty dish in the bathroom with a little complimentary sign.† Have snacks available, have a drawing for a prize, just use your imagination and have fun with it.† The goal is that people feel comfortable and want to live in this house.If you are a wholesaler the banks are one of your biggest competitors right now.You normally buy extremely low and sell low without doing a thing to the property.† In order to maximize your profits and keep a quick turn around right now you need to stand out from all the other distressed properties flooding the market.† Now is the time for the two hour rule.† As soon as you get the property clear as much junk out of the yard and clean as much of the interior as you can in two hours.† If you pay four people $50 each for two hours your property will be that much ahead of the other wholesale properties and that $200 you spent can make you a few extra thousand on the deal.† Perhaps you even throw in a $50 gas card for the buyer or a Home Depot gift card.† Small gestures can make a big difference during a soft market.Another strategy is to target a group with specific needs and create a plan for them.† One example is student housing.† In Atlanta, Home Park was for a long time a place where Georgia Tech students could rent cheap houses near the university.† When Atlantic Station was built it changed the area to a much more expensive and more owner occupied area.† There is still a need for reasonably priced student housing but the closest area to campus where that is available is not exactly where a mother would feel good about dropping their freshman student off.† In this case, the city wants to renew the area and developer incentives are available but you see brand new homes standing vacant and vandalized next to not so new homes boarded up.† You have multiple needs here, available properties but fear of trail blazing in a marginal neighborhood.† In this case, you could identify available properties and incentives then go to your local investment group or online investment group and do simultaneous investing.† If you were to get fifty investors to buy and rehab at least two homes each and you all do it at the same time you can turn a neighborhood around in a very short period of time.† If you could rehab one hundred homes in a ten block area all at the same time you will have made money, provided a needed commodity and helped the neighborhood residents all at once.† It is a win-win-win situation.Of course there are other groups such as artists that need low overhead and space to live and work.† They might not need hardwood floors throughout; they might be more interested in a large room with a utility sink, or a photo studio in a converted garage that you could do advertising photos of large objects in.Find out who needs what in your market area and find a way to provide it.† If you address needs while solving problems you can get ahead even in a soft market.

Water heater is missing, garage roof is collapsing, and the interior needs at least $40K of work including all window replacements.

Capital for the first flip is not a problem, but if I screw up the first attempt, I will be put out of business, if you know what I mean.If I screw up the first attempt, I will not get a chance at a second attempt, so it's important I pick the right Unit to Flip, and succeed.Is a total interior rehab unit, a bad place to start ?

Everyone else has gone to doing full interior appraisal.

My background includes sales, management, and some interior design and decorating.