Not much to report except that we are basically done with demo. 2nd dumpster arrived today and so whatever couldn't fit in the 1st dumpster will go in there.  

It makes sense for older multi's to have just 1 main service, however it's kind of annoying that you fit the bill for somebody letting the toilet run all day.Also get a really good gauge on the neighborhood, and of course get a full inspection top to bottom, including sewer.Each lender is different and will have varying methods of how they decide what / how to lend.  

My suggestion, Do some direct mail marketing or networking to find some seller finance deals that may fit your criteria.

I might also point out that when your ROE starts to not fit the "highest and best use" of your capital, then it's time to do something.That could be in the form of a Refinance to pull out equity to improve your returns, or sell the property to move into a bigger more suitable scenario.  

I'll just add that if you are looking to augment your retirement income, you should make sure you are getting a property that fits your lifestyle.

I think the key is, you need to get solid on your criteria, identify the areas that fit both demographically financially, and take the leap!

Does it fit your criteria for what you're looking for in terms of the location, crime, schools, etc?

Just because your loan officer/mortgage banker says it fits guidelines doesn't mean the underwriters won't deny it.

Many times there is also an owner carry component that can be made to boost your noi as well.One other thought would be to package your 1031 with your brother and actually look for a 1.1 million asset or couple of assets that may fit your bill.  

This is a great fit for us.