We learned the importance of precise budgeting, as the $35,619 renovation required careful oversight.

We learned the importance of precise budgeting, as the $67,150 renovation required careful oversight.

Finding motivated sellers who may not have advertised their properties yet might be facilitated by doing this.Buy, Rehab, Rent, Refinance, Repeat, or BRRRR: Look for homes that require work, make the necessary improvements, and then refinance to recover your initial investment.

For example, if it was a ten year lease starting in 2017, then you would need to honor it through 2027 - if there was also tenant options to renew then those also would need to be required to be honored.

Mindset, daily discipline, refusal to give up, and having the life (healthy marriage, kids and self) you want is much more difficult in practice and often requires a teachers. :)Joe Fairless, Rod Khleif, Michael Blank (in no particular order).

So, find knowledgeable finanical advisor and CPA to setup and create a balanced investment portfolio. 

QUESTION-if i where to pay off those credit cards in the next year or two, get my credit score to the required number and have the correct debt to income ratio.

I think it is reasonable to assume 4% annual appreciation in this area, which means after two years, the property could be sold for ~$635k.Based on the terms of the mortgage, ~$351k will be remain on the loan balance after two years.

@Heather Little short answer it depends.Longer answer: Section 469 requires that you meet both the 750 hours and more than 50% test (sounds like you are aware of this).

Does anyone have a template they require contractors to sign before starting a rehab project on a BRRRR or flip?