please please please do not invest in cosmetics until you build your war chest. i own multiple fouplexes and need at least 15k reserves for apartment turns or other repairs ac heating plumbing repairs. if you haven't closed ask for credits in consideration other 2 units are not renovated.Good luck Cortes family 

If you were to live in property you could look at FHA 203k which lends you money for repairs.

Let yourrealtor know you will make no repairs.

Certainly RDU is a special place and one of the few in the country like that - so not a completely fair comparison - however I feel that I've seen enough of these proximity effects to opine that the proximity of Ames and the quality of its graduates will be a big causal factor to continued DSM area growth - both population and economic. 

In this time, I can make repairs to the property and build the equity and use this to buy a 2nd property with a credit line.

The basement apartment pretty much always attracts the lowest quality tenant in any given area.

Neighbours very often do not get along with renters and renters will often leverage their position if they find out a unit is illegal.The problem usually arises out of the fact that cellar dwellers are generally low quality tenants and can cause problems that often result in complaints to oficials..  

I established a team at location and would like to bounce my numbers off the BP community and would like to know if I am leaving anything out.PURCHASE PRICE: $195,000PURCHASE CLOSING COSTS $3,000ESTIMATED REPAIRS $50,000TOTAL PROJECT COSTS $248,000AFTER REPAIR VALUE $373,968DOWN PAYMENT $19,500LOAN AMOUNT $225,000LOAN POINTS 2%AMORTIZED OVER 1YRLOAN INTEREST RATE 12%NEEDED FOR CLOSING $25,000/ r

Needs about 3-5 in repairs can rent for 900-1000 has heating and air roof is about 5yrs old

Most REO sellers will not turn on or allow water to be turned on, or allow repairs for appraisals or before closing, most secondary market loans require all utilities to be on at time of appraisal, minimum 5 years or more roof life left, no holes in walls or flooring larger than a quarter,  or significantly soiled flooring, walls, ect.