I don’t see how those numbers make sense…I’m considering paying some contractors to walk an on market house with me (that I don’t intend on buying as the numbers would never work) just to get an idea of their costs.

I'm considering pursuing rental arbitrage in Irvington, New Jersey, and I'm curious if this is a viable strategy.

Thank you @Fred Weiller and @Jerry Ta - appreciate the replies and will consider your reco's.

Just remember to consider the local job market, population growth, and rental demand when making your decision.

Purchase price: $155,000 Cash invested: $159,000 I offered my client 155,000 for her home that she was considering selling, she said yes.

We have spoke to banks in the past and its challenging to find ones that will do a C/A on a first but the ones that would consider it would not do it on a 2nd.

@Renee LeFevreTo rent out your basement, follow these steps: check local regulations, prepare the basement with separate entrance, screen potential tenants, draft a lease agreement, set the right rent price, consider tax implications, update homeowner's insurance, and build a positive tenant relationship to attract quality renters.Good Luck!

If it’s substantial, it might be considered business income.

Well-intended, no doubt, but you might consider running some of these ideas past a good lending attorney.

I hope this would be a readily obvious one to most, and to be considered as front-line defense, as it should be.But any 1 alone, is ignorance, it is.