Also, I assume this property will require flood insurance, which from what I've read is pretty expensive.

We of course do this because a) you'll be doing rehab so the place will be unoccupied for at least a month after purchase and you'll still have to pay expenses (including utilities initially until a tenant assumes those accounts) and b) once a tenant moves out, it is rare for the place to remain to move-in condition AND you to have immediate replacement tenants ready to move in the next day.

Real estate investing has always been a pivotal component of my long-term career plan, and I'm finally ready to take the plunge into my first deal.My goal is to have deal #1 in the books by the time I graduate in May.Thanks to everyone for sharing your stories, lessons, and experiences over the years.

My understanding from what I've read is that the value of the fixer would be the current market value at the time I purchase the fixer (and, as you say, this may be more than what I pay).

Now have to buckle down to get ready for ownership and my business to finally start!

We also felt that making the basement "ready" to be finished might add to the appeal upon sale but not actually finishing it as that would cut into the budget.

From there I was ready to go... of course the big dream go out and make some money and leave my day job.

I'm back from vacation and ready to get involved in real estate.

Took a few months but got it done and just about ready to start my DM campaign.

Get ready to have some fun!