I needed to do a minor variance, which wasn't as bad as I thought it'd be and my architect did most of the heavy lifting.

I think it should appraise for at least 600k and think 650k is reasonable.It’s fully renovated and fully leased for $5,200/month.I’ve reached out to banks to see if I could use cross collateral to be my equity contribution but at least so far they’ve also wanted 10% cash.I’d like to avoid coming out of pocket with cash.I was wondering if you had creative ideas on how I might be able to get this financed 💗

You should have a good idea of what it's worth based on what you paid and the comps you looked at before you closed.

Unless you can get the price significantly reduced, walk away Tim!

At the acquisition price points, and the market value of the units if you do decide to go wit a pm you’ll find yourself not being very profitable as most pm’s will charge $75 per unit min or 8-10% of gross rental income.

The property is 2 hours away, but it feels like I’d lose a lot of control.

Real Estate should not be depreciated.Depreciation is one of the most beloved tools in real estate investing, but let’s take a moment to challenge the norm: Should real estate even qualify for depreciation?

Is it possible to sell or refinance one unit to pay the other off completely. 

Congratulate them—they now get to file two sets of tax returns and pay the associated taxes for each.Confirm all of this with a lawyer if it bothers you.

I get a lot of people who start off with the idea of JC becuase of how close it is to NYC.