Ones of the biggest was that we had to completely replace all the old electric, luckily we were able to save in other areas of our budget to offset most of the costs but not all of them.

Depends on really what you are looking for:-Speed - some HMLS can go "no appraisal" so can close very quickly and beat cash offers if you are in a competitive market to buy-Interest Rates - can range anywhere from around 8% to 13% (same with "points") but not usually as huge of a concern for flippers since the terms are so short-Leverage - depending on your risk appetite / capital - this is also a top concern for some (almost always over and above rates/fees) can see anywhere from around 80% LTC to even mid 90s LTC (including 100% of rehab budget)

NOI well below budget.  

Given your residency restrictions and budget, focus on smaller multifamily properties in counties like Orange, Putnam, or parts of Rockland, where prices are more manageable.

Screen tenants carefully, budget for vacancies, and keep learning with books like The House Hacking Strategy and Landlording on Autopilot.Good luck!

One challenge was managing extensive renovations on a modestly priced home, requiring disciplined budgeting and planning.

Software: Stessa for accounting, Deal Check for quick and dirty analysis of potential purchasesMarket positioning: Pet-friendly (fenced-yard, accept dogs and cats), well-designed homes, off-street parking, suburban, full cable TV package (not streaming only)Pricing: Targeting upper-middle market (not budget-conscious guests)So far, so good (since 2020)

Save the low rate: Keep your current loan and focus on building savings for the next down payment through budgeting or a side hustle.2.

On an annual basis, the administration is mostly meeting minutes, resolutions, and annual filing of your 990, most of which can be outsourced depending on your budget.

I’m budgeting 45 to 50k on the renovation as it may need a few incidentals here and there.