They don’t have to be fancy or expensive.

My insight is to run your numbers very carefully, multiply your anticipated annual expenses by 1.5, and don't forget capex.

That means that your mortgage should be no more than about a half of what your rent would otherwise be, because the property's other expenses will also be about half that rent cost too.But if you DO pay market price, and there IS a down turn, you know where that leaves you?

I was told that those are the only expenses.

g=7wFf )Keep in mind, using the 1% rule of thumb (monthly rents ~= 1% of basis) and 50% expense rule of thumb (operating expense and vacancy ~= 50% of gross rents), unleveraged, results in 6%.

Unfortunately things are very expensive down here (in my opinion) and it doesn't seem to be as simple as in other markets.

I am hoping to make $200/month in cash flow after all the expenses.

Since I recently had some expensive credit card and medical bills, my cash reserves are extremely limited, but I would very much like to make this deal happen.I own two other rental properties and both currently have tenants.

Also, is there any phone apps anyone uses where you can log expenses so they don't have to keep a shoebox full of receipts.

No response so far.I am about to send it all back and get a refund (they claim that if you are not happy, you can get 100% refund within 30 days.)I'm posting this to ask if anyone knows of Chris Johnson and his program and if anyone has had any luck.It's not expensive like other gurus and he claims to refund your money once you get a grant.