Purchase price 147KListed for 299K, sold for 285 (went under contract for 290 but dropped it another 5K at buyer request after the appraisal just to get out of the deal)Home Depot credit card: 10K (appliances, fixtures and other things we picked out and purchased ourselves rather than having GC use typical builder grade stuff, also husband did some of the work himself so bought his own materials)Brought 40K of our own cash to the closing table, loan total when paid back was 185 (original loan 175 plus 10K in accrued interest, 12 month balloon loan so we did not have to make payments during the rehab, which helped a lot with cash flow, also loan had rehab costs folded in so for the most part we paid our guys out of the loan and not our own pockets)So (numbers are round): 285 sale price - 185 (loan payback) - 40 (cash we brought to closing) - 10 (Home Depot card) - 10 (closing costs) = 40K profitWork done: insulation and vinyl siding (this ate 18K of rehab budget but was unavoidable as cedar shakes were disintegrating), converted to natural gas heat (ducts already in place, changed out electric hot air blower to gas one and gas company ran the gas from the street for free), replaced AC compressor, new water heater, two new bathrooms, replacement windows, new appliances but left the wood cabinets b/c they were in perfect condition and I could not justify painting/replacing them, new kitchen backsplash, removed wall between kitchen and dining room, wood laminate flooring throughout except for new carpet in downstairs den, painted the deck/railings, new garage doors, one new slider, all solid wood interior panel doors, of course fresh paint and new light fixtures throughout.dining roomThere was moisture damage downstairs from bank not winterizing and pipes bursting...thanks, bank.Hauled out enormous old woodstove and broke up ugly old hearth and left good flue for someone to add new pellet or woodstove to if they want to, we figured not everyone wants a woodstove and this way the buyer can decide to add one back if desiredBathroom off downstairs den, chose a walk in shower for variety, hosing off dog or muddy children, disabled access, etc. 

For me it was a natural progression of being a high producing real estate broker.. this allowed me to network with developers who hired me to sell their product.. once in the club. you run with them.. then as you gain capital ( and make no mistake this is the most capital intensive business out there you grow into it.. at least that's how I did it.. and I am really just a small fish.. as my deals have all been for myself or just a few select capital partners..

Begin eviction process and only accept certified funds in the future

I know I need a certified 203k contractor to do the work but are they able to decide how to use the space or would I need an interior designer or architect or someone like that?

It is management intensive, as is the nature of the business, but there may be money to me made.

Insurance offloads natural risk to 3rd parties.For investment properties banks usually require 20 to 30% down. which protects their risk of loss.

Hello,Just bought a duplex in Milwaukee, WI and looking for contractors recommendations (doors/Windows install, h/w floor refinishing).Also certified electrician for inspection prior to starting service, required by WE Energies (+1 year no service) and usual fees?

@Sonya A.To find out about an area go to IREM.org search for ARM certified property managers.

The safest way to keep yourself out of trouble is to use State certified contracts from a Realtor. 

For example, if the Original Notice Value of Client’s property was $200,000, and if the property’s final certified value was $150,000, Client would owe Consultant an amount equal to 40% of the tax rate that would have applied to that $50,000 difference.