Three deckers have hit the $500k mark, 27 Shamrock will sell in the next couple of weeks over $500k, with market rents at $1500 X 3 for $4500 Gross Monthly rents. 

Contractors typically only make 20-25% gross profit off the work.

The money is from multiple people who have said they are interested in investing once I get going.I have great credit and my current debt service payments are ~9% of my gross monthly income.I've completed college within the past 3 years and never purchased a house or property before so I am unsure what that would qualify me for in terms of other aid.

Revenue: Gross rents then subtract all belowVacancy(5%)-Maintenance-if it's rehabbed this number will likely be close to 0 otherwise, budget another percentage (talk to investors in your area)Property Management 8-10% - CapEx-5% for reserves and big ticket repairsProperty Tax-Insurance-Debt Service (principal and interest) =Net cashflow pre tax

Most charge around 8%-10% of gross rent plus 100% of first month's rent.

I am currently 19 years old and trying to purchase my first property to house hack.I went in to a couple different places for financing and was told I need to gross $4,000 monthly to be approved for a $250,000 FHA Loan.I am currently only making 19 dollars an hour which brings me up short.Just looking for some advice on what I should do??

That is a generic goal so drill down to how much you need to gross/net per month to replace the income.

Let’s do some math.8k  total cost to buy the home + 18k remodel = 26k total for this home.Let say you rent this out for 1700/m 1700 x 12 m = 20,400Your mortgage/tax/insurance = 14,460Your annual net cash flow ($20,400 of gross returns minus $14,460 in expenses) equals $5,940.

Note the Asset Management fee, this is based on GROSS.  1% of gross is a lot bigger than 1% of net! 

. :: THE BREAK DOWN :::(Berclair Area of Memphis TN 38108 which means it is in a C- area )Asking Price $800K for 33 units complex Repairs Estimate $200k$1,000,000 divided by 33= $30,303 Cost per door 33 units Break downConsisting of 50 % of the units 2/1 and the rest 1/1 and 3/2Rented at $450 Per Month 33 units 90% occuppied =29 units 29 units at $450 per month = $13,050Round all rents up to $450 per month each Vacancy: 10% Gross Annual Income $156,600 $156,600 (annual ) divide by 2 (50% Rule for expenses )= $78,300 NOI = $78,300 Cap Rate = 7.8% Cap Rate Annual Property Tax = $3,100Annual Insurance = $5,000Management 10% = $1,300 per month DSCR = 1.6Step 5 ( Making the Offer )I feel like $800k could be a little high so I plan to make two offers to see which would be more appealing to the seller Offer 1 All Cash Offer of $770k (15 day inspection period ) Offer 2 Offer $800k but I would ask the seller to carry a second position loan for $300k at 6% interest amortized for 12 months (7 day inspection period) My main strategy is the BRRR approach.