Bravo that Scott, and also gleaned from Mike McLean's Section 8 Bible (so good Im tickled to parrot him) tell them you are the contractor and answering to the property owners.Puts you in a position to be the good guy and the nameless/faceless owner the bad guy when you have to instill hardened discipline.Also, gentle wisdom for the 20 somethings in this thread. . .

What's left is your average cash flow for the property.No..all of this said, there are many people on BP with a great deal more experience than I have on explaining this - and I know they will have no problems gently pointing out my errors ;).

it's my first time looking at this, so be gentle. lol4 units - two-2 bed, one - 1 bed, one 2 bed that will be converted to 3 ($500 cost)$2,825 current rent - 750+775+450+850 (she is behind and will be evicted);274k - asking price. the realtor said i can get it for $230k.~$3k - cover garbage,water, lawn maintenance 5k - taxes$4500 - insuranceinterior work - 6k max (not much)exterior work - minimalroof - almost new - 5/6 yrs oldplumbing - good - 100 gal tank is 5 yrs oldelectrical - goodtenants pay gas and electricso, calculations assuming that purchase price is 220k:yearly rent = 25,380 (12*2825)annual expenses = 19k (tax, maintenance, insurance, snow, water, property management, etc)loan payment (30% down) = $9,240 ($770/month)without any cap rate calculations, there's no money left over (25-19-9.2). in fact, i'd be losing money.the worst thing is that across the street there is a "2 bed for rent" sign and when i called he said "do you have kids?

I would also gently suggest you start building your battle plan library.

This is a first for me so please be gentle.

Hiya all, I am pretty new to the forum; this is my second post and first thread, so please be gentle... but I have been reading voraciously!

I contacted this gentle men awhile back in hopes of a mentor so we met up for lunch and had a good conversation.

I'm working with newbie rehabber, providing a small loan to purchase an all brick including basement 2000 square foot SFH in a decent small neighborhood.  Term on the note is 1 year and started October 2013.  First pa...

If you plan to stain you may want to buff the floor first with a screen disk before applying stain or use a 120 cut with sand paper.

Or an antique restoration or history buff (it's from 1841).