We added value to this deal by making the following cosmetic changes:- Repainted the entire unit- Updated all outlets and covers to be uniform (a few USB where applicable)- Updated all light switches to 'flat panel'- Updated kitchen cabinet and drawer hardware- New stove & range- New sink outlet- New kitchen ceiling fan- New toilet- Deep clean & high quality post/advertising to emphasize the value the condo has to offer What was the outcome?

I've sent him a message to see if there is a time I can check it out. Let

I'll check it out.  Let's

-New Roof-Updated outlets / cosmetics-Deferred landscape maintenance What was the outcome?

Or did unexpected things come up?

No guru  talks about this but  it’s full of unknowns and unexpected expenses !

However, the reality is most lenders are going to want to see that you have money in reserves to carry you through the finish line - especially when you're new - because unexpected expenses and cost overruns are common. 

ThanksHi Shahbaz,We have done hundreds of deals in Toledo over the last 5 years.Most of them built between 1890 - 1920.Some built in 1930 - 1950 with very few in the 1970+.The Midwest offers older type homes and that's pretty much the norm.As long as the rehab is detailed and the mechanics have been re-done you shouldn't have many problems longer term.A great rule of thumb and something that I mention to all investors is to "underestimate your income and overestimate your expenses".That margin of safety calculation should be good enough if any unexpected Capex issues arise in the years to come.Much success

I found a house that I'd had my eye on a while (since it was auctioned) and I bought it from another investor There were a couple unexpected cost over runs but nothing too bad.  

I would be happy to help out.  Let