Here's our rent raise letter... works well, even for those who initially feel they can't afford a rent raise.

@Patrick Menefee, I'm in Charlotte as well sir and I can definitely see where your frustration is coming from as to trying to find a solid property that meets the 1% rule.

If your capital situation means you can only afford something in a C/D neighborhood right now, WAIT until you have the capital to invest in something a bit more stable or find a partner.

Its fairly affordable and obtainable so I dont see the harm in experimenting on its relevancy to my real estate career.

I am able to afford the mortgage comfortably for a couple of months before I start my job.

3/5/2019Sherelle – thanks for the post / questions and outline Fyi – there are some conventional loan programs that allow a 3% down payment ….I would recommend using this program versus a fha loan program if possible …this is because with a FHA loan the monthly mortgage insurance remains with the loan permanently and with a conventional loan – you should be able to eliminate the mortgage insurance in the future ……Also – if you use a FHA loan for the first home - using a FHA again for next property might be an issue …..you allude to this in your question #2Regarding cash flow analysis ….other items to factor in : utilities / property homeowners insurance ( this will be a little higher when you live in home and should decrease a bit once you convert it to a rental policy / are there any deferred maintenance issues on the house ( roof / furnace / water heater / foundation are the bigger tickets items to watch Definitely get pre approved so you know for certain what you can afford and also so you can begin becoming more familiar with the numbers …we can assist with this if you want - contact us Thanks and I hope this helps Dave Skow 

It is very frustrating because the best deals go very fast. 

The problem is that I also want to have as low of a downpayment as possible with as low of a mortgage as possible so I can afford to put aside money for maintenance, management, and CapEx.

Am a single parent with two kids, one of whom is about to enter college; can't afford to make a silly mistake.  

Bank financing a rehab project via conforming mortgage is VERY TIME CONSUMING AND FRUSTRATING.