He was immediately on the phone with two neighbors accross the street with pickup trucks and yes he was out the same day, signed the agreement with keys returned and then I gave him the cash.For you, you could project the cost per day in rents not received multiplied by the amount of days he will be there with the court date & Sherriff serving the eviction and offer the tenant a percentage of that cash in his face and see if he takes the money and runs, freeing up the apartment.

Not knowing the eviction rate at a property can throw a massive wrench in your business plan and return projections during the first few years of ownership.

Numbers are as follows....This is my first deal and am looking for some more experienced guidance.Monthly Gross Rents: $3700Laundry & MISC: $100Annual Scheduled Income: $45,600Vacancy 2% & Loss: $1000Gross Income: $44,600Expenses:Taxes: $10,000Insurance: $1500Trash: $600Lawn Maintenance: $800Snow Removal: $500Gas: $500Electric: $1300Cleaning/Janitorial: $900Repairs: $1000Turnover Replacements: $1500Legal: $300Total Projected Expenses: $18,900Projected NOI (before debt service): $25,700

@Neel Patel I’m active in the Philadelphia investing community and I’m working through a development project in Point Breeze now.

After starting the project, the architect and OCD in me took over and I ended up changing the entire layout of the entire house and we went way over budget on electrical and plumbing because it was the right thing to do with the condition of things.

I have a project in Chicago that is a 3 flat the I just finished gut rehabbing and it now has tenants in all units.  

I'm fairly new and its overwhelming because I know this comes down to figures and the asking price is significant even with the potential, growth, and cash flow this project has.

I'm writing you  as I ran across a potential massive deal.

Charles,I would suggest you place you money with an experienced investor and take an equitable position on a flip project.

@Lexi Teifke - As always, the theory like the theory, but in practice is what counts.The internal rate of return hurts my brain just to read the definition, never mind calculating it: internal rate of return on an investment or project is the "annualized effective compounded return rate" or rate of return that sets the net present value of all cash flows (both positive and negative) from the investment equal to zero.