Personally one goal of mine is no tax/insurance escrow and the bank keeping the servicing so I have an ongoing relationship.

Purchase price: $260,000 Sale price: $600,000 This is one of our ongoing projects, demolition began in late August and new house will be done by late February.

I haven't started actively hunting for deals yet, although I am communicating with my RE agent regarding multifamily properties in my county and the surrounding counties.Location: Front Royal, VA, although I'm looking at the greater area as well; Financials: ~$11,000 available to invest; REI/tenant Experience = no hands-on experience, ongoing reading of BP books/forums/podcasts/blog posts, etc.

Congrats on going under contract in the Austin area!

I ran some numbers & wanted to hear other opinions.So the property is in a pretty bad neighborhood. 

The property needs some work but already has a tenant in place (paying $1,250) who has lived there for years and isn’t planning on going anywhere so can’t do major renovations to increase the value.  

This is probably a very very dumb oversight on my part, but I ran a report on a house near me and it is showing $46,050 as total cash needed.

The cycle will keep on going - fresh batch of smarter people coming to California and forcing many poorer locals (by California standard) out to another state, while the net population keeps increasing.The pandemic may have changed the equation with the advent of reliable remote working, but I doubt that the most innovative companies in the world (which are based in California) will move their core mission-critical work out of California anytime soon. 

Hey BP community,I ran into this situation and thought is worth asking/ flashing for anyone who is just starting.I’m house-hacking a 3-flat and got 2 insurance claims so far last year (each one on a separate unit, not the one I occupy).

Antique houses definitely reduce the overall buyer pool because of the high level of ongoing maintenance they are assumed to need.