Repainting your property inside or out, fixing gutters or floors, fixing leaks, plastering, and replacing broken windows are examples of repairs.And continues withImprovements (Cap Ex): An improvement adds to the value of property, prolongs its useful life, or adapts it to new uses.

It's a bit of land with improvements that fulfills the basic human need (Maslows Hierarchy of Needs), shelter.

Purchase Price: 115,000Sales Price: 245,000Rehab: 70,000Holding: 15,000Closing Costs/Concession/Commission ~ 17,000Numbers are rough as I didn't keep the best records with all the different contractors and the fact it was over such a large time frame, something I will be improving on in the future because records are so important. 

Frankly if you have extra money you can keep that in the bank as a safety net until you feel comfortable enough with the income from that rental to then buy a second property.Most of my clients purchase with a loan but then as they generate income the revenue is put back into the property, through either improvements or paying down the mortgage. 

My biggest concerns pertain to:-Out-of-state investing-What stipulations are there for financing an investment property located in another state -Deciding on whether to personally obtain the loan or do it through partnership's LLC-If partner lives in area who is highly valuable, but currently rebuilding credit score, would they need to be involved in financing process-When partner's credit is improved, what are the stipulations for the partnership if we decide to utilize the 3.5% FHA Loan or use the partner's VA Loan benefit to purchase a multifamily with a 203(k) loanAny help would be greatly appreciated!

In order to have a new appraisal done on your property, you must have made improvement on the property since your loan was originated.

I wouldn't finish it to the buyers liking because they might make you do improvements which are out of your budget.  

We've managed to do well despite these inefficiencies but I hope to improve these processes going forward.Thanks for any and all information!

Long story short, after trying to sell it for 5-years, and spending more than $150K trying to maintain and improve it for sale, we lost the house to foreclosure because i spent all my money trying to maintain it.

So what's the problem?Often times when I'm trying to find one of my old posts, the only way I can find it is to scroll through the pages and pages of them listed under "All Posts" for me.  That's hard to do though if ...