Do you have any relatives who could give a $50K gift?

When under contract at 300k with the expectation that codes would be the determining factor on what can be done on with the property, as it relates to new construction.

When under contract at 300k with the expectation that codes would be the determining factor on what can be done on with the property, as it relates to new construction.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

In fact, Chase and several other banks have been slapped with fines for their misconduct relating directly to those issues.

These people can be relatives, friends, coworkers, friends of friends, and business associates.

You have $70k in equity tied up, earning a low return relative to its potential.

I'd look at the closing docs for something related to the pro-ration of expenses etc and see if you have anything there that could be a clause you point to for them to cover those payments. 

@William Fishergreat question thanks for posting, I was just looking around for posts that were related to this.

Prices are still relatively low compared to many other metros, and rental demand remains strong.I built my portfolio to 12 doors there while living in Detroit (now back in California) and have seen firsthand how the right strategy can still work.