We are pre-boom and it is more valuable to have the property than be too concerned with Cash Flow.

My only concern is getting approved "multiple mortgages".

Other concern is we are continuing working on adding more properties to the portfolio so within 5 years we could have 5-10 more properties.

My concern with including closing costs in the Cap Rate is that you're often paying points which ties into Levered CF.

Are the bigger dogs not concerned with newbies and their “no money what to do posts”?

Is  this something that I should be concerned about in California?

I have been wholesaling properties in the Kansas City market since 2014 and I have seen the supply of homes for sale shrink every year causing appreciation plus the cash flow is much better than ca.

I'm not concerned about the companies being able to pay as they are very large and profitable. 

I'm in the Pittsburgh area and initially had similar concerns, but I switched and now have tenants pay their own water. 

John, what is the concern with those who use it as a workshop or to work on cars?