With condos, you would have your standard HOA fee that covers few expense items. 

Not picking on you but there ws some homework you didn't do along the way and I would bet he was not the most expensive guy.

I hope you hear from some CA gurus too, out of curiosity, because in my area you would never be able to pull cash from a negative cash flow property.Out of curiosity why do you want to take on the liability of a personal home when renting is less expensive.

On the other, probably more likely, hand if you're making $215 after only paying your 2 mortgages, taxes, insurance then I would pass on the deal because once you add in all of your real world expenses you will make little to nothing.

Currently living in Adams Point and was hoping to pick up a triplex but the area seems pretty expensive right now for multi-family properties unless you owner-occupy and use Just-Cause to raise rent to market rate after a year.

Seems "Rich Dad" got richer at your expense; here's hoping you do too.

I personally buy a little more expensive properties in Ohio but get higher rents.  

Here are my thoughts based on some avg #s$1980/2 = $495/mo x 4 units1 bed/1 bath units typically rent around $400/mo so my initial thoughts are how did they get almost $500/mo for these.Lets say you get $450/mo x 4 = $1800/moProperty Management - $180Taxes - $200Insurance - $100Water/trash - $200Vacancy - $180Repairs - $180Cap Ex - $100Total expenses -  $1140/moThat leaves you with about $660/mo before any mortgage etc....

Hello David,I have a few questions and info for thought.Where are you getting your expense  data from? 

If you're buying lists and mailing yellow post cards, that can get pretty expensive.