Remember this is INVESTING and with that our lens of focus is measured in years and decades not months.

If you want to do an occasional drive by… sounds good… but any tenant is going to see constant monitoring through a “hey that’s not cool” kind of lens if I had to guess.  

I used to have a $600 DSLR camera with a $1,200 lens but phone technology caught up and was taking pictures that were just as good.

You just have to put that lens on and figure out which processes you need to refine and improve (ie tenant screening, and DD for finding the best PM company to work with).

I also never thought to view the approach through an athletic lens. 

I am working on a cash out refi on a 27 unit in Detroit.When you look from the cash flow lens it can be a great RE Investment, but from an appreciation standpoint it may not be the best market.

https://www.llbuildersinc.comCall Len and say Ty sent you!

https://www.llbuildersinc.comCall Len and say Ty sent you!

Keep in mind they may have a bias though, as they want to manage property and may not have the same lens as an owner. 

I will show all my math below.Mortgage @ 7.22% (P&I, Escrow, MIP) - $2234Rental Income - $1650Vacancy - $165Repairs - $165Cap Ex - $165Monthly Cash Flow $-1,079I will be handling my own property management since I live on-site.So obviously a bad deal on paper but here’s the lens I view it through:Seattle Rent I currently pay: $1295Rental Income: $1,650Total Monthly Expense on Duplex: $2,729My old rent I was paying + New Rental Income -Total Monthly Expenses = + $216 Monthly Cash FlowIdeally when I am ready to buy the rate will be lower than 7.22% or I will just refinance when it is or when my very trusted lender & broker recommends.My long-term plan is to live in this duplex for 1-2 years and make improvements that will add to future rental value.