Been looking to get in the game for a little while now and ran across a potential investment by pure luck.Was originally looking at single family residential to start out with rentals.Commercial deal came in to our laps:$310,000 purchase price4 retail store fronts(3 rented to a cafe, 1 to a boutique)2 apartments rented out upstairs1 vacant apartment upstairs(biggest of the 3 residentials).

Recently I did a job in the Pearland area I manage to have a conversation with a customer and he is interested to sell his house, is a two story house have 3 bedroom, and 2 baths doesn't look in good condition, but I think this is a flip house, also the customer just had it install a Furnace and a new water heater. the customer happily provide me with his phone number and his address.

I forgot to mention I just bought a 3/2 on the water for 540 buy60 rehab Just appraised for 825 before it’s finishedThis was hard money I borrowed so I’m currently borrowing this money from Pnc.

Property Information:Purchase Price: $390,000.00Estimated Repair Costs: $6,500.00Down Payment: $39,000.00Amortized Over: 30 yearsLoan Interest Rate: 3.200%Monthly P&I: $1,517.96Income:Estimated monthly income  $5,200.00Monthly Expenses:electricity $300.00 water & sewer $70.00hoa fees $65.00pool $95.00Vacancy $520.00Maintenance $260.00Cap.

Water can seep under the wall and still flow, water goes where it wants to.

Hi Jesse,Maybe Co-GP with someone who has successfully Value-added with re-habs on apartments of this size.Because based on this question, I'd say your chance of coming in on budget and on time is very low (especially with Covid shortages).Using an architect to help with color, landscaping, office design and decor, etc...might be worth it.This is a big project and in addition to handling the actual rehabs, you have to be concerned with your renters inconveniences, 7am chainsaws, water and electric shut offs, downed laundry faculties, pounding and buzz saws whirring all day long.You have to have a plan to appease their anger over this--or they will move out (when they would have stayed), increasing your turnover and decreasing your estimated cash flow.Having a management company that is familiar with re-habs might also be a help--some may also handle the re-hab for you for a (% fee).Good Luck!

You should definitely have an inspection and appraisal contingency as a first time home buyer, but you could always include an inspection as "purely informational" meaning that you can still walk away if you find something in the house, but you will not negotiate given what is discovered.

I can do most of it remotely, but there are times where I really need someone on the ground to run an errand for me, like meet the utility company and show them where the trees need trimming near the power lines, to drain the water heater, etc. 

Currently land lord pays for water, sewer and trash but I may be able to switch that to the tenants.

 $185.  2005 is a pretty new house but the hvac, appliances and even the plumbing fixtures with hard water can easily be at the end of their lifespan.