New energy effecient furnaces, rehabbed kitchens with hardwood floors, new bathrooms.100% occupancy.Gross Rents $2250PITI 69k @ 8% over 30 years is $1006NOI is $1244Expenses $1125Positive Cash Flow of $119Claims contractor says 6k to get the 5 unit going and could rent it out at $500 Would this be a winner or loser?

On cyberhomes.com it is listed as an estimate of 491K and the range goes from 442-560K The person said that all it needs is paint and sanding of the floors which I also take with a grain of salt...

Let me tell you my experince with a Ikea product, Tundra flooring.

In addition, banks often want a clean contract (without a lot of contingencies).

(located on top floor, floor 4).Thanks!

You know you're an investors when:1) you bought the cat urine house and you're trying formulas and methods of applying deck and porch enamel on the floors inside yourself to prove to the painter he CAN get that smell out.2) your broker is reassigning a HELOC to one house instead of being attached to several to give you less than 10 mortgages on a loan.3) your lawyer says the title is messed up on the house you're buying and it's going to take $2000 to straighten it out and you go out and find a title insurance company to do the job instead for $150.00.

The advantage is that this is clean and easy and you're done with the transaction.

:violin: I have contacts to the trading floors in Chicago.

The types of improvements that borrowers may make using Section 203(k) financing include: structural alterations and reconstruction.modernization and improvements to the home's function.elimination of health and safety hazards.changes that improve appearance and eliminate obsolescence.reconditioning or replacing plumbing; installing a well and/or septic system.adding or replacing roofing, gutters, and downspouts.adding or replacing floors and/or floor treatments.major landscape work and site improvements.enhancing accessibility for a disabled person.making energy conservation improvements.

When one of these tenants is a 'good tenant' which, more often than not, means they are little old ladies or men we do not raise them - OR - we raise them much less.Here is why...A successful full time investor in our area (who is involved with two of the REI clubs that we are members) argues that by keeping his rents down (by this we mean 80%-90% of market value) he minimizes turn-over, saving more money in the long run.He would say: look at vacancy costs, repairs, cleaning, advertising, opportunity costs, etc.