Furthermore, since these are turnkey companies and praise themselves on their renovations, the B class turnkey is using only 2% of rent (which averages around $1500/pm) for maintenance, and the C Class turnkey is using 7.5% of rent (avg about $1000/pm) in their calculations.

A turnkey property is already renovated and ready to rent, so you don’t have to worry about repairs and can start earning right away.

Its an old house that would need a renovation, so I was thinking about how I would add rooms to it and realized I'm pretty clueless about it. 

Since the tenant has been there a long time your market rent will be less than market rent for a newly renovated place which should be a consideration of the tenants.

His reputation in the real estate world is garbage and he loves to say he does not trade time for money yet to find, purchase and renovate over 700 properties, deal with Section 8 tenets, time spent dealing with lawsuits etc he is doing exactly that. 

Now that we have significant equity positions in renovated, stable properties, we want to move into even better neighborhoods with better schools and we'd like to scale our business by purchasing newer and larger multi-family properties (rather than groups of duplexes).

I plan to purchase a distressed property amd do the renovations with my heloc.

Hey everyone,For those in the real estate game, how do you track your property expenses, labor, and other details during the renovation process, especially when managing multiple properties simultaneously (e.g., 3-5 houses)?

@Venecia BaezRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

He kept in touch with local contractors, and one tipped him off about a homeowner who ran out of funds mid-renovation.