Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $4,000

Cash invested: $35,000

This was a big project. This property is a duplex owned by 1 family. The mom l...

The AirDNA estimator calculates a $16,000 annual net operating income.

Figure a few grand to paint rooms, replace carpet in a room, deep clean and spruce the property, replace a fixture or two, etc.If you have to replace your resident annually the $9600 total income will get a gut punch.The true value of the higher-end neighborhoods is residents know if they move out of the home they have it's a challenge to find another, especially if they have been there a few years and have a competitively rewarding rent rate.All this really is is basic economics...sell ten custom widgets for $1000 or 100 standard widgets for $100 each.

I now have a low income 4plex that I would like to rent to section 8.

Wayne, You’ll also have to take into account the monthly HOA dues into the DSCR calculation.

After five years you'll have earned $90,000 in rent income and gained $34,000 in appreciation.Buy four houses with $50,000 down on each.

For example, if in the rental application you don't put xyz it's illegal and you can get suedif in the rental application you mention xyz it's illegal and you can get suedif you put clause xyz in the lease, it's illegal and you can get suedif you don't put xyz clause in the lease, it's illegal and you can get suedif you sign the lease wrong, the whole lease is void and you don't have a leaseif you don't provide xyz to the tenant, you can get suednot to mention how unfriendly my state is with respect to landlords, if a tenant is not paying rent, good luck evicting them. plenty of properties in my market for dirt cheap because it has deadbeat tenants and nobody wants to deal with them.yes in an ideal world I have 20 lawyers and accountants on speed dial who I can call any time, but lawyers and accountants are expensive and I have done the math, at best if you are really lucky you can barely cover your mortgage, I don't have money for a lawyer.

We have found homes that have basements converted into apartments, which we could rent out for income and have also found duplexes with one unit occupied.

Not quite a new member as I've been lurking these forums for years, finally deciding to get serious and figured doing the "New Member Introduction" post would be a good step.Briefly about me:  I'm currently working as a merchant mariner (3rd Mate) and I travel for work about half the year, looking to get into real estate investing to supplement my income and begin building a portfolio during the half of the year when I am home.  

What do you use for bookkeeping, accounting and filing taxes, as you start up?