Now, when you go to replace a home you get hung up in permitting and are required to replot the whole park (last time I consulted on one of these, it cost the owner 100s of thousands because he didn't listen to me in coconut creek!)

@John Jacksonand I are good friends.He lives in Texas and has mastered lease option assignments in TX, not easy in TX.In 2002 he and I became friends, and I trained him on the basics of cooperative assignments, where you enter into a lease and an option with the seller as a principal, not as an agent but a principal.You then assign the deal for a fee of generally 3 to 5%.In the example above for $100Kthey owe $95,000If they listed for a $100K, sellers would have to pay the cost to sell, which include the following:– commissions 3 to 6%– closing costs 2%– sellers concessions 3 to 6%– vacancy costs we have to pay the PITI while is being sold, let’s say $1000×4 months, and this includes electric , heat, watering lawns, garbge, and so forth– spruce up costs, such as painting a wall or replacing a carpet, or fixing a fence.Many sellers don’t have a lot of cash in the bank, and they don’t want to get more debt on a credit card fix up their house and they can sell it.So this particular seller would probably pay 10% to 15% of the value of the property to sell with an agent quickly.

We have a back door to replace too.

Hi all,For a couple of years I've been daydreaming of starting as a fix and flipper or holding rental properties with the end goal of replacing my day to day income.  

Heres the way I calculate it,(Gross Scheduled Rent) - (Vacancy rate (at least 5-6%)) = Operating Income(Operating Income) - (Repairs & Maintenance + Utilities + Taxes + Insurance + Management Fees (at least 8%) + Replacement reserve (capX)) = NOIThen I simply divide the asking price by the NOI (Asking Price /  NOI) to get the cap rate.I can't find anything above 5 or 6 % at best, am I doing something wrong or does the MLS just suck that bad??

I have since fixed it and replaced the opener. 

Work Update:As I was working on the dog pee deck, I noticed that the steps coming up to it were a little wobbly and splitting and probably not all that safe, so this weekend Mark spent some time replacing a bunch of stairs on the deck as well as the underlying supports.  

Landlord intends to install and/or replace a keyed deadbolt on each exterior door of the dwelling.

Make sure you have underwritten the replacement cost and remaining useful life of the major systems (roof, windows, hvac, hot water, kitchen appliances, flooring) and that you are funding for these.

I have installed a few...mainly to avoid CO issue with old HW tanks, to replace high cost units & in family owned homes where hot water demand is high.