Especially in this area where closing costs and excise tax can make traditional financing expensive.  

If we would have done what we normally did, and made a very thorough plan from the start, managed that plan, took time to hold people accountable, we would have done a lot better.By not doing these things, I went 3 months over schedule (Holding cost increase: $14,454) and added about $20,000 to our rehab budget.Total loss of profit due to mis management on my part: $34,454Final Numbers:Purchase: $410,000Rehab: $110,000 (approx)Total holding costs 7 months: $33,727Loan points: $10,200Selling Costs (listing/fees/excise): $56,700  (WA has 1.7% excise tax on sale amount)Final Sales Price: $700,000Total Profit: $76,877WE GOT LUCKY!!!

@Levi RudderUnfortunately there are only 3 title companies where I live.

@Levi T. there's a theory that people who talk to themselves are simply trying to converse with the smartest guy in the room!! 

excise tax? 

Here is what I was looking at for the breakdown.Purchase price - 153,000.00 Financing - 122,400.00 at 4.5% for 30 years = 620.00 per month20% Down payment (HELOC) - 30,600.00 at 5% for 10 years = 325.00 per monthRent (Quick look) - 1,200.00 per monthTaxes - (On the website it says 630.00 but on the county website it has a formula with [Tax assessment value x Assessment rate (currently 7.96%) x Mill levy (last year was .088) which turns out to be 153,000 x .0796 x .088 = 1071.73 per year.] 1071.73 / 12 months = 89.31Insurance - (Quick Google search for average) 106.00 per monthVacancy Allowance - (Reading BP says factor 5%-15% so I am going with 10%) 120.00 per monthRepair Allowance - (Reading BP says factor 5%-15% so I am going with 10%) 120.00 per month Capital Expenditures - (Reading BP says factor 5%-15% so I am going with 10%) 120.00 per monthProperty Management - (Usually around 8%-12% so I am going with 10%) 120.00 per monthIn this I am assuming that the tenant pays all utilities and yard maintenance so that isn't factored in.So.... 89.31+106.00+120.00+120.00+120.00+120.00= 675.31 Total So all that added up is....620.00+325.00+675.31= 1620.31 per month420.31 over the 1200.00 rent I know the deal won't work on this one I am just looking at my math to make sure I am factoring everything and just trying to start practicing.

I'm in agreement with many investors that HOAs are very irritating to work with, especially when they can levy assessments on the whole complex YOU have to help pay for.

Hi Mark - Allow me to recommend Jayme Levy, with Frankel Sims in Baltimore.

Regards,Levi

Property Info:Apartment is in NJ, I live in VirginiaI have banks in both states (bank levy is a risk as well)Previous renter also resides in NJ currently and looking to file in civil courtThanks for your help with this issue,TM__________________NJ Landlord for 5 years