property tax 11000 home insurance 5000 monthly bills 4800 yearly cost 20800 rent 3500 mgmt fee (20%) 700 net rent 2800 yearly net rent 33600 profit 12800 property value 700000 % profit 0.018285714

Hi All -I would still consider myself a bit of a rookie, but I have been investing now for about 3 years.I currently own an 11 unit RV Park in which I own all of the units and rent them out.I have successfully completed a BRRR in Alabama with $4K left in the deal, and I am in the process of completing my first two SFH Fix & Flips in Detroit, Michigan.I am looking to build out a potential buyers list, JV partners, and just network in general with like-minded people. 

The fees were really what held up this deal. 

A lot of it is coming down to finding something before it hits the market through your connections in the local market, or being ready to pay top dollar for the property that you know will cash flow and appreciate at what you paid for it.There are still deals to be found on market, but they are becoming harder and harder to find and requiring more creativity.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Purchase price: $167,000 Cash invested: $8,000 My wife and I bought a duplex in 2019 -- we got an FHA loan and negotiated the seller to pay $8k towards our closing costs.

I highly recommend reading the BP books for self-education and house hacking a 2-4 unit property for your first deal.

Surround yourself with people who can help you grow, both locally and through the online investing community.If you need help with financing strategies or analyzing deals, feel free to reach out. 

It is something that an owner will tolerate when they move but I don't want to replace a couple of couches, deal with spray on a ton of vertical surfaces, etc.No cats. 

Additionally, I also have another K1 (LP only)- Since I am not a GP in this deal.