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21 November 2024 | 1 reply
Since your friend covers utilities, this offsets some of your cost.
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21 November 2024 | 10 replies
You find the house completely trashed with missing appliances and cabinets, tenants were cooking meth, windows broken, etc. 6-8 months of unpaid rent, unpaid utilities, thousands to empty the abandoned property and trash, $50,000 to completely renovate the property and make it rentable again, plus all the time, energy, and stress along the way.I would actually argue this is pretty common and not even the worst-case scenario.
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22 November 2024 | 1 reply
The property cash flows at a 15% ROI…………………..before insurance, debt service, utilities, management, vacancies, repairs, maintenance, payroll and property taxes7.
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21 November 2024 | 23 replies
Now for my out-of-pocket expenses:Down payment: $7500 (Hard money loan 90% purchase price 100% rehab)Closing costs: $6500Inspection: $400Agent's commission: $5200 (didn't raise purchase price of house with seller concessions, so that money didn't apply to the commission sadly. won't make this mistake again)Holding costs: $1300 (one interest-only payment of $770, roughly $200 in utilities and $360 in insurance)Total: roughly 21 grand.
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21 November 2024 | 25 replies
More specific: He stole months of rent and utility payments from a tenant (and threatened to evict her!)
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22 November 2024 | 12 replies
Remain responsible for rent, utilities, and other terms until a replacement tenant takes over.#2 can be a bad option in the middle of winter when renters are harder to find.
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21 November 2024 | 2 replies
From time to time I will hear of people who utilize it well and gain business from it.
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22 November 2024 | 15 replies
Rent out part of the space at least to help pay for mortgage and utilities.
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21 November 2024 | 4 replies
This step would include understanding City zoning & platting, locating utilities, researching City codes for development requirements (big ones include detention), etc.
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20 November 2024 | 3 replies
My question is - what is the best strategy for utilizing my home equity and buying my first rental?