I am looking to start buying homes near my apartment complex to expand my portfolio.. here is where I need your help.. my 16 year old son is starting to look at college courses.. we had a talk today about earned income and passive income.. i was explaining to him that even though my cleaning company was successful ( 13 girls cleaning over 100 houses a week) that I had a limit to how much i could earn based on how many hours me and my girls could work.. but with passive income it could be so much more.. he is so smart.. and me and my husband both own our own company's.. but I would much rather he get started now with real estate investing than spend 4 years and $100,000 on school loans to not use his degree in his field ( which I see a lot of my friends kids doing.. they go to school and spend 4 years and $100,000 and end up doing something unrelated to their major)..

It makes sense for older multi's to have just 1 main service, however it's kind of annoying that you fit the bill for somebody letting the toilet run all day.Also get a really good gauge on the neighborhood, and of course get a full inspection top to bottom, including sewer.Each lender is different and will have varying methods of how they decide what / how to lend.  

His girlfriend is currently studying architecture (bachelor's degree).In the future we are going to invest together and probably start a construction company/architecture firm.At the moment our plan is to build duplexes, fourplexes and sixplexes beside our full-time-jobs and eventually start investing full time.As you might can imagine we can put down a serious amount of sweat equity.

His girlfriend is currently studying architecture (bachelor's degree).In the future we are going to invest together and probably start a construction company/architecture firm.At the moment our plan is to build duplexes, fourplexes and sixplexes beside our full-time-jobs and eventually start investing full time.As you might can imagine we can put down a serious amount of sweat equity.

Of course, your mileage may vary.

I have some free time available and am OK with putting in some time to make this happen.To me, these require two completely different approaches to investing, and so the numbers will greatly vary on your metrics as a result.With respect to your comment "Otherwise why would someone sell it?"...

I understand there is a limit to how many private money lenders you can have at one time, and it varies from State to State.

It varies each states & sometimes even within cities or municipalities in the same county. 

The expenses seem a bit low, but they just did a lot of capital improvements which may explain that number.As for what to expect in maintenance costs, well that varies of course but nationally for multifamily naahq.org publishes repair/maintenance costs at 3.7% of gross rents.

That's usually something the agent will have in their back pocket in the event the deal dies with the first offer.The response time will vary, some of them are quicker than others- there is no set timeline.