I put $6000 into repairs, mostly paint, new light fixtures, new appliances, painting cabinets and fix a small leak coming from the roof.

3) If their handyman can't handle a repair issue and they have to hire outside contractors, many PMC's will then charge a markup for their time - but they don't tell you this upfront or disclose in their management contract.

Lowering your standards invites expensive evictions and repairs. 

Class C bought in 2023 on the East Side of Indy has not been great, repair calls 9 times out 12 months.

Hey @Brad Roche - We do a significant amount of renovation loans (both Fannie May & FHA) here in Chicago and prefer the Homestyle loan only because it's less stringent on the borrow about what they have to repair, and they provide the general contractor a material draw at closing which helps the project start on the right foot.I thought the minimum down payment was 5%.

Specific example,  I tell all my owners that any minor repair less than $150, i will fix for free.   

The letter also states the total non-rent items currently owed by the tenant, such as accumulated late fees or repair charges.Also very important, the tenant states they have no unresolved issues with their current landlord, except as listed in a space provided, and they have no current plans to cancel their lease under the Service Members Civil Relief Act or for any other reason. 

If you can stomach the negative and any repairs for the next 5 years then long term wise it'd be worth it.

I still have plenty time left saving but when the time comes I’ll either be looking into conventional  loans, or some type of remodel loan to pay for the repairs of the property I am looking to fix up, because as far as I’ve seen so far it’s hard to find a good deal starting out unless you buy it as discounted as possible and put some sweat equity into it, let me know your thoughts on that ur possible.

With $50K and a DSCR loan, your budget will likely cap at properties in the $150K-$170K range, depending on the closing costs and any repairs needed.