Currently yielding monthly cash flow of $1,250 ($900 after all projected vacancy & maintenance budget).

Budget extra for overages

Insane shelter in place rules have resulted in an $80 billion state budget deficit. 

You will need to go into a bridge loan first - that can cover up to 90% of the purchase price and 100% of the rehab budget.

If you’re working with a lower budget, say $100-$150k, Cleveland could be a fantastic option.

If you have a BAD tenant experience on this property as a rental and lose several months of rent and incur substantial tenant damage that is all coming out of pocket whereas if you had even a handful of rentals the performing rentals and the monies budgeted for capex/maintenance/vacancy will carry that sort of loss.

I have done 1 BRRRR thus far and I have learned that what you budget on the rehab add and extra 5 to 10k as a buffer.

We did have 242 hours of labor that were completed ourselves so this incurred no additional cost to the budget.

A mortgage pre-approval letter provides a clear picture of your budget, saving time and effort in property searches.

I am still surprised to see even vacant lots still available even on a tight budget.