This was during the time where people were afraid of things like folks hiding razor blades in Halloween candy and sneaking poison into over the counter medicines.

They, the developer, are the HOA until they sell all the units, and then the community will take over.the ones with high HOA 200-500/mo usually are townhouses, they cover roof, paint, pool, playground, even patios and decks.

He claims he stepped on a deck board outside and it popped up and busted his lip.

Flipped in an 8 week rehab including cosmetic, electric, plumbing, and landscaping improvements to the interior and exterior of the home, adding one bathroom and a back deck.

Next some kind of deck out the front and back doors.

Don't leave until a contract is signed or a reasonable buying price is unreachable.After creating your simple plan then sit down and read all of the materials you might present to a seller, slide deck, bio, proforma, and sales agreement.

I actually have two long standing violations: my firewood rack is visible from the street and I have an unpermitted covered, screened deck (something else the ex burned up our HELOC on).

@Mike HurneyLet me know if you ever want to part ways with the triple deck on Bentley and I'll happily make you an offer :)

And this using a 203K FHA loan in the brutal market of Boston, on the east side of the Port Norfolk bay area.Facts & Numbers:2 beds & 2 baths on each of the 3 unitsPurchased for $655K @ 5% down-payment and a generous dose of 203K closing feesTaken a 30K cushion for the 203K streamlined rehabLocked in 4.25% @ 30 year interest rateAppraised at 750KThe numbers are certainly not the exquisite definition of what a ground-breaking deal stands for, but they certainly fare decently well in this seller's market where cash investors rule, the inventory is constantly challenged and most properties are getting sold for over asking price, taking advantage of the current interest rates, the Everett Casino construction, and a few other speculative but pragmatic plays.Just like most everyone else that was not raised or surrounded by real estate professionals from a young age, this deal was pretty much riddled with small mistakes here and there, from neglecting the fire department smoke and carbon detector regulations, being over-optimistic on the underwriting guidelines, underestimating the cost opportunity due to all sorts of processing delays, and you name it.Currently free from tenants, the expectation is to add value by rehabilitating the under-developed basement, adding 2nd and 3rd floor balcony decks, and a variety of practical and aesthetic fixes.

But done right it can set you up so that rather than hitting singles for the next couple of years in a mature tight market, you can wait on deck and come in for clean up when the market turns and still make your 7 year goal.  7 years is a pretty good time horizon to prep and execute a strategy like this.