The basement is rented to a religious organization and the first floor is a barbershop.

Not sure if this is an option in your area, but we have a company called CREW in Salt lake and they are $50 a month and take the cans out and bring them in the day after. it is hard to rely on the cleaners at times. unless the cleaner is paid to do the trash every time.

Ymmv based on your locale and who you are talking to at the time.

Q2 is most important: If the mortgaage is upside down, it would have to be an approved short sale and that could take a very long time to rectify.

They will be an incredible resource for your first house hack and beyond in Phoenix and Maricopa County, AZ.

The first step is talking to a lender and getting pre-qualified.

Hi @Bernice Dezelan,I’m sorry to hear about your first deal falling through.

Quote from @Jeffrey Bourque: Hello All, I am new and this is my first attempt at purchasing a property with the intent to create monthly cash flow.The property: Triplex Listed at $140,000 - Total monthly rent income $2,150 - Tenants want to stay and are all willing to sign new leases for 3 years - 8 beds 5 baths and 3,500sqft livable space on a 4,800sqft lot - Heat and electric paid by tenants and water trash paid by owner $180 month - I have managed to talk the selling price down to $105,000 with a kick of $10,000 for closing and commissions so $115,000 all in - Building is in fairly good shape according to pictures and questions but have not done a inspection yet - some general maintenance repairs are needed according to the seller but nothing that seems to bother the tenants. - Taxes are on the higher side at $6,000 yearMy Numbers: $115,000 putting 20% of my money $23,000 and finance the rest with total expense of $1,834Monthly expense numbers: Future Maintenance 13% $273 - Vacancy 5% $105 - Property Insurance 5% $105 - Property Taxes 23% $500 - Property management 10% $215 - Office/Travel/Legal 4% $84 - Mortgage 26% $552 - Monthly Cash Flow - $316 per month or $3,792 per year so Cash on Cash = 17%I think this looks like it is a deal worth doing and I also believe I can bump the total rent up by $50 each tenant which I think make it even better.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $375,000

Cash invested: $87,000

STR

What made you interested in investing in this type of deal?
Avery ...

I’m currently diving into real estate investing and management, with the goal of purchasing my first rental property in the next few years.My son is graduating next year, and he has been interested in early investing since a young age.