Conventional guidelines occupancy requirements are that you’re able to occupy the property for some portion of the year, during the first year.

Happy to connect and share whatever resources I can to help you get the ball rolling this year! 

Quote from @Ava Myles: I have a unique situation: I have rented my apartment from a friend for a few years now.

Hello, I have been doing commercial new construction (steel Div. 5) for the last three years or so.

I’ve been managing commercial real estate for about 10 years and want to start investing in real estate.Outside of real estate, I enjoy golf, live music, hanging out with friends and familyExcited to learn and connect with you all! 

Quote from @Jaycee Greene: A few things I noticed, in addition to having the tenant pay the utilities are:1) Incorporate annual increases in rent higher than 2% (in your area, maybe 4%-5%) with a slightly smaller increase in operating expenses (say 2%-3%)2) With a gut rehab, I'm not sure why you need to spend $128/month on cap ex, at least for the first year or 2.3a) An 80% cash out refi is probably going to be hard to get.

It's a duplex in Chattanooga (technically Red Bank) and we will be house hacking for the next couple of years to build some momentum and experience.

Quote from @John Underwood: Are you sure it's not $600 extra per year?

Quote from @Angelo Santitto: Hey Chris 👋that’s great..what was your first deal like 8 years ago?

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.