Purchase price: $129,000 Cash invested: $5,000Condo we lived in and fixed up.

@Chase AlexanderRecommend 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 property in Class D area to Class A standards, what quality of tenant will you get?

I like the strategy of having a job with guaranteed income and taking advantage of owner occupied financing to purchase a house hack, staying connected with the REI community in the area, and scaling up from there.

Good luck with your search/purchase!

Quote from @Armani Diaz: Hello, I just purchased a rental property duplex through wholesaler.

Buyers usually want to purchase on today’s value while sellers often want to use future potential of the property (“current rents are below market” or “room to build an additional property”, etc) to increase the purchase price or likelihood of a sale.

If you're looking at a debt service loan, 15% is the minimum for a purchase but it's much more common (and rates are better) at 20-25%. 

Purchase price: $395,000 Cash invested: $100,000 Sale price: $570,000 Such a fun project!

Typically homes in-between tenants, or a new purchase with intent to have renters within 30 days this is allowed. 

Purchase price: $1,200,000 This is a 100+ pad community located near Downtown Bloomington (Near Indiana University).