Other properties with 5-7% cap rate, in Phoenix have a much lower cash flow, barely hitting $100 from a fourplex.

Very new to this, so please bare with me.

Income history should be SOLID for 2 years straight for EACH applicant and bare minimum 3x the rent payment AFTER taxes.

When it does, it’s “just barely”.

My bare minimum for vacancy, capex, and repairs is $250 per month.

I have seen so many young designers and architects barely scraping by to make enough for daily expenses, much less to save for a future investment opportunity.

You could probably put the bare minimum into it and get a tenant in there to bring in solid cash flow, but if you actually put in the work to make the place safe and up to code then there isn’t much return, if any.

I grew up in NJ (Orange) and went to high school in NJ (Ocean City), and I am quite fond of Jersey and hate to see it decline but in all honesty I can barely fathom how anyone who makes less than $100k annual even stays there.

My issue is that I don’t have a way to get things like proof of funds because on market seems like such a great way to get deals and all the other things i tried barely even work such as zillow fsbo because there’s a good amount of scams on there.

@Dillon Dale I really think 10k is a bare minimum, especially on a multi, but if you have 15k in reserves you really do not have to worry.