With Partner Driven providing capital and managing the renovation, we ensured the property reached its full value.

They are available via Text/Call whenever I need a quick answer and they are real people who now are doing it full time and just want to pay it forward and help.

Detroit is full of deals if you get out and go start finding them.I have lots of pros & cons on SFH vs duplexes, especially in the Detroit market but too much to spew out on the forums here.I get that BP can be a lot of the same stuff.

Other than that, you will have to use a debt service coverage ratio loan.

Hi All

I’ve just bought a home in the Nevada City area: After a neighbor informed us of meth smoking in the house, we tested. It tested low: Highest levels are .3, well below the 1.5 legal limit for contamination.
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This rise in rates is partly aimed at controlling inflation but has also made borrowing more expensive, reducing purchasing power.Consequently, money is effectively worth less due to inflation, meaning more is needed to purchase the same goods and services as before.

You could even negotiate into the contract that if the neighbors qualify you don’t have to pay the full leasing commission If needed some cash you could always do a cash out refi and take a small amount out.

For a $300,000 property, this could be $6,000 to $15,000.Mortgage on Rental Property:Loan Amount: $240,000 (assuming 80% financed at 4% interest over 30 years).Monthly Payment: Approximately $1,145.Other Expenses:Property Taxes: Estimated at 1.5% of property value annually ($4,500).Insurance: Estimated at $1,500 annually.Maintenance: Estimated at 1% of property value annually ($3,000).Property Management Fees: Assuming 10% of monthly rental income ($2,400 annually if rent is $2,000 per month).Vacancy and Turnover Costs: Estimated at 5% of annual rental income ($1,200).Total Initial Investment and Annual Operating ExpensesInitial Investment:Total Borrowed from Equity: $150,000Down Payment for Rental Property: $60,000Closing Costs for Rental Property: $10,500 (average)Total Initial Cash Outlay: $70,500 (initial investment from equity) + $10,500 (closing costs)Annual Operating Expenses:Property Taxes: $4,500Insurance: $1,500Maintenance: $3,000Property Management Fees: $2,400Vacancy and Turnover Costs: $1,200Total Operating Expenses: $12,600 annuallyExpected ReturnRental Income:Assuming $2,000 per month, annual rental income = $24,000.Net Operating Income (NOI):Annual Rental Income: $24,000Minus Annual Operating Expenses: $12,600NOI: $11,400Debt Service:Mortgage Payment on Rental Property: $1,145 per month, $13,740 annually.Total Debt Service: $13,740 (rental property) + $8,592 (equity loan) = $22,332 annually.Net Cash Flow:NOI: $11,400Minus Debt Service: $22,332Net Cash Flow: -$10,932 annually (negative cash flow initially due to high debt service).Cash-on-Cash ReturnInitial Cash Investment: $70,500Net Cash Flow (first year): -$10,932Cash-on-Cash Return: Not applicable initially due to negative cash flow.Long-Term Appreciation and AdjustmentsProperty Appreciation:Assuming a 3% annual appreciation, the property value could increase by $9,000 annually.Rent Increases:Assuming a 2% annual rent increase, rental income will rise, improving cash flow over time.

We have solid cash flow on our assets after about two years of ownership but it will take time to get that rolling.If you come for a visit, ping me and I’ll be happy to meet with you and show you around.Stay downtown zip code 29601 to get the full “Greenville” experience.Be ready for a great foodie scene and lots of outdoor activities.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!