Basement was 1 bed /1 bathCurrent Unit Breakdown: 4 Bed/2 Bath for all units.Changed occupancy to a Legal 4-unitSummary:Purchase Price: $1,550,000Rehab: $385,000ARV 4 Unit: $2,500,000 Equity Created: $500k+Projected Monthly Rent Roll: $17,500/monthProjected Monthly Cashflow: $3,328/monthLessons Learned:During a gut rehab of a multi family, you can sub meter the water to each unit.

During a gut rehab of a multi family, you can sub meter the water to each unit.

You'll probably never feel completely comfortable before you put the money on the table for that first property. 

You going to manage yourself 10%, screen the tenants (between 1/2 and 1 month of rent for placement) fix the plumbing (hot water heater goes out $800), toilet clogs $150.

New Hot water heater.

I kept adjusting the terms until the seller came back to the table.

New Hot water heater.

As well as added a shed to protect water heater instead of leaving water heaters in master closet.

I am the one with the money to put on the table for the property and handle the finances.

I learned not to turn the water on without your contractor or plumber on hand!!