DudeDon't wait get going now........DONT wait another dayWrite your contracts on a napkin if you need to.This whole business is all about contracting.Seriously ......Write your own that say what you want them to sayhave an attorney check them then start writing contracts till you have a dealI have done deals on a handshake then met at the escrow companies offices on a later date.

This $100/month is your profit.The 50% rule states that your expenses (#2 above) can *generally* be estimated at half of your total income (#1 above).Of course, this is just a generalization...it could be more or less, but it's a good rule of thumb for doing back-of-the-napkin analysis of a property.

I reworked my plan for the complex and refinanced last month at a better interest rate and a higher value letting me pull cash out faster than I imagined.You can run the numbers in your head or on the back of a napkin but you can't present them to your finance guys that way.

Chris J there is no real need to modify the formula as it is important for comparison reason and back of the napkin calculations. and there are so many other things to consider when analyzing a property.

In general, the "back of the napkin" expense ratio for quickly underwriting a park is in the range of 40%.

For some reason I picture them in food stained wife beater shirts, a case of Budweiser in the trunk, and their plans written on a napkin....

As Colleen was saying you might be pushing the state sanitary code for the number of occupants in the unit.If you have a lease with him you don't have to let her move in.

Send her a letter , tell the tenant they are responsible for the damage , and since there is no heat , you cant have the pipes repaired until the heat is back on , and due to the lack of water they may not occupy the dwelling due to sanitary conditions .

Section 8 is not to assist a landlord in getting top dollar on their rental, it is designed to assist a low-income family in receiving a home that is safe, decent and sanitary. 

You should not be approached by a Realtor that has written out something on the back of a napkin, so to speak.