It would depend on the quality of the mentor and/or mastermind.

Hard Money, and then paid for the repairs out of pocket since they were only 3K.

I have guys who are inexpensive and do quality work but i also have guys who cost a little more but are perfectionists and do very high end finishes. feel free to send me a connection/ message.

Hi guys I am looking to purchase my first Multifamily this would be a first deal in real estate I found with my broker a property I am thinking maybe a good deal but I would like your thoughts on it . 4 unit Multifamily centrally located in west Chester NY Income 3720$Expenses Mortgage insurance and taxes is 1276$ a month Vacancy 186$Repairs 186$Cap ex 186$Management 372$As of now the landlord pays electricity and gas 600$ a month Water and sewer 50$ a month I was thinking if I take the property and put separate meters for water and electric I can have the tenants pay their own utilities Please share your thoughts on the deal

Your typical "cellar dweller" tenant is  generally of a much lower quality and can/do cause issues.  

——Repairs, appliances, etc to make a rental initially Ready for rent are not immediately deductible, they get added to basis and depreciated.

Thankfully after deep analysis of numbers and careful inspection of the property and most importantly the hiring of quality contractors I realized... eureka I can do this!

I have been able to view 2 of the apts that were empty and they were in good shape(meaning no repairs needed).  

All in cash investment was $12,900 and you're profiting $3786 before you factor in regular maintenance and repairs into the deal annually.

They return a 30-50% IRR which takes into account the time factor as well as the total return, not just the cash on cash holding return.Like you can buy an 800k$ property (cash to make it simple and leave out financing which just puts fuel on fire for returns)  then put in $200k in repairs.