GeoffCosts Due at Closing Points: 3% of loan (one time) [only financed at 70% of ARV]Origination Fees: $1,020 ($400 document processing + general administrative costs, $575 legal fees - preparation and review of all documents, $30 application fee (charged at closing), $15 flood certification)Appraisal Fee: $400 - $475 (paid directly to state licensed appraiser)Insurance: ARV x .45% -- (paid for 6 months in advance before you close; can choose any insurance company as long as it meets minimum requirements HML has + lists HML as mortgagee on policy)Buying Closing Costs: 1% of purchase price (title insurance + escrow fees)Outside Costs (Holding) 4 Month Flip (120 days): 2 months of construction, 1 month on market, 1 month in escrow/title; plan for 6 months Monthly payments: 1% of loan Utilities: $230/month (varies; $125 electricity, $60 water, $45 gas)Property Tax: $3,000/12 months x number of monthsRealtor fees: 4% of ARV (multiple realtors that will list for 1%)Selling Closing Costs: 1.5% of ARV---------------------------------------------------------------------------------------------Example of House:Buy at $120kRehab at $50kARV at $230kCosts Due at Closing Points: 3% of loan; financed at 70% of ARV ($230,000 x 70% = $161,000 loan) $161,000 x 3% = $4,830Origination Fees: $1,020Appraisal Fee: $475Insurance: ARV x .45% $230,000 x .45% = $1,030Buying Closing Costs: 1% of purchase price $120,000 x 1% = $1,200TOTAL CLOSING COSTS: $8,555------------Outside Costs (Holding) Monthly payments: 1% of loan $161,000 x 1% = $1,610 x 6 months = $9,660Utilities: $230 per month $230 x 6 months = $1,380Property Tax: $3,000/12 months x number of months $3,000/12 = $250 x 6 months = $1,500Realtor fees: 4% of ARV $230,000 x 4% = $9,200 Selling Closing Costs: 1.5% of ARV $230,000 x 1.5% = $3,450TOTAL HOLDING COSTS: $25,190-------------Out of Pocket Portion for Rehab: $9,000TOTAL OUT OF POCKET COSTS: $30,095TOTAL OUT COST INCLUDING REALTOR FEES AND SELLING CLOSING COST: $42,745Calculations-------------------------------------------------------------Buy at $120,000 + $33,745 (costs) + $50,000 (rehab) = $203,745Sell at $230,000 - $203,745 (costs + rehab) = $26,255 (PROFIT)Cash on Cash $26,255 (Profit) / 30,095 (Total Cash Invested) = 87 %Return on Investment $26,255 (Profit) / $203,745 (Total Spent including all cost) = 12.8%

Millionaire real estate investor examines multiple tried and true strategies for real estate investing.

I would absolutely agree with you that, selling the SF condo, to purchase multiple rentals in Las Vegas to triple the rental income is the right move. 

I have also changed to a more experienced realtor and spoke with multiple lenders to have a good understanding of the numbers I will be paying.

I also have excellent credit and about 40k in savings. my long term goal is to have multiple rental properties.

@Tiana Perry I’ll be happy to help you, either as someone you can connect with or bounce ideas off of, etc.I’d also recommend attending the bigger investment group that meets in Warwick monthly, and identifying a few folks there you seem to have a good connection with, inviting them out for coffee and exchanging contact info, etc.And of course, Bigger Pockets is almost by definition a great place you can bounce ideas off so multiple other investors :)

I've since learned how to install flooring, any kind of trim (I own multiple types of saws),  open up walls to create a more open concept, paint cabinetry, build tables, ect. 

They show the bank is interested, but maybe they have received multiple offers, or maybe they are not quite to the dollar amount they projected.

A lot of us own equity together in certain wholesale projects due to us actually being able to afford them with ease with multiple people involved in it. 

As I'm sure you know, things like multiple layers of roofing or sketchy appliance situations are common for Hamtramck/Detroit but certainly shouldn't kill the deal.