Pad your budget and leave room for unexpected things, as they always come up!

Unexpected expenses happen all the time so well done on the overall number.Good luck.John Corey

Thank you James and a big thanks to everybody for the unexpected warm welcome!

The contributions are a combination of the usual $15000/$20000 401K limits and a profit sharing component.

If these things were done and these components of the building are all new, then you can certainly reduce your operating expense down to nearly nothing, especially considering the onsite maintenence guy.Also, what would be the financial terms of your purchase?

Using both letters and postcards will increase the likelihood that your targeted prospect will call you.There are three key components when prospecting via mailing out letters:Getting the prospect to open your letterGetting the prospect to read your messageCausing the prospect to take the action you indicateLarge companies have gone to expensive methods to trick us into opening their mail.

There are tons of ways to get started like you said but if you want to do this fulltime and operate a true business then ultimately you have to be able to manage your your money and credit and you need cash for unexpect circumstances.

I can understand that some may say to hire someone with workmans comp only, but when hiring a handyman, landscaper, with a $50-$500 job it's just not realistic to expect them to have it.

It seems a key component is selling your personal residence for 399k.From the pictures it is clear you need to declutter and take personal pictures and items out of there.When the property is staged you are sending the message that you have mentally moved out of the house.If you have a bunch of stuff there it will seem to a buyer you have it listed but are not ready to move on.Also the buyer will have a hard time envisioning themselves and their memories there and will be focused and amused by your STUFF.What are the recent SOLDS for the area?

In my 30+ years of owning and managing my own portfolio, I can tell you without a doubt that the property management component can and usually will make or break your success as an investor.