Keep in mind that a 24 month double-up represents a roughly 50% IRR, which no self-respecting syndicator would ever actually promise to an investor (unless they enjoy being sued.)

He knows the property type, the area, you, your style, and can give you far more applicable counsel than anyone here.Secondarily, I would plug all of your assumptions into the BP calculator and post the results.

As a self starter, I love it, as everything I go seeking is there. 

I ended up purchasing a 20 unit out of state with a partner in South Bend, Indiana, and we tried to self manage for a few months.

If you can self install easily, ducted hoods work so much better.Personally I'd skip the ceiling fan and get an 18" 2000-2500 lumen 4000k led light to save on long-term maintenance and provide better kitchen lighting $50 on amazon.

Hello, I'm in northern MN, and looking into getting into investing, and am looking for some advice.I'm looking at a 4 plex locally with 4 2b 1ba units.Cost is $160k, but I think it's worth closer to $180k.Yearly Rent is $26,760.I would use my heloc for down payment so basically financing the whole thing.Love the locationHas 1 lifer(been there 7 years) the current owner has not raised rent on in a while and I probably wouldn't either.Taxes are $3000Tenants pay electricAverage local income is $35K with average house price is $138,582.Seems like even @ $165k I'd be doing pretty well.I'd self manage, and fix issues, but from what I can see, there are not any pressing CapX's needed.Not sure on cost of heat yet.Any other info needed?

I, for one, will start asking to see a government id to ensure the name on the application matches the person handing it to me.

-I spoke with the lender who admitted to me on the phone that the buyer never filled out the loan application, and that they gave income and employment information on February 5th, days before my listing was under contract or even on the MLS.

I've definitely waisted time and money by pursuing potentially profitable deals, but they are outside my scope of expertise and ended up only being distractions in the end.These items may just be applicable to me and the skillset I had going into real estate, but hopefully they'll help out a newbie coming up to avoid a few costly mistakes.

I would then follow up and manage the application process through Appfolio.