Here are the numbers: sixplex in hickory NC Price: $160,000Gross monthly Rents: $3,050 (definite possibility to raise rents by about $25-50 each) Expenses: (50% rule for now): 1,525 NOI: 1,525Cap: 9.5%Debt service: 25% down, financing 120k @ 6% amortized over 20 years, with a 10 year balloon. $860/month Net monthly profit: $665Cash on Cash: 19.95%Any thoughts on this deal?

They are mostly portfolio lenders [they keep their paper in house] and are very easy to work with.I've been using the BRRRR strategy for over 4 years and love it.  

I think the agent simply took market rent, applied them to all units, and used one of the R&M rules to come up with his number2. property manager listed no rent income for 6 months straight and suddenly for the very last month on paper there was an income of about 2800 dollars. this made me doubt if the entire income and expense reporting was accurate3. owner did not provide tax or insurance numbers - the listing agent estimated them...I also heard from the selling agent that one of the bigger units will be vacant from next month, due to eviction of tenants from rent delinquencies The owner is out of state and seems clueless on the operations of this building.

I have thought about doing a joint venture but finding people that are trust worthy isnt always easy, especially with me being fairly new too this and not having a huge network yet.

Are there same rules in Provo?

For rent collection purposes, it's super easy to use because once you and the tenant set it up you don't have to touch it again. 

It may be worth it to talk with the tenants and find out if there is something that could be worked out to keep them to stay if you didn't have any concerns with them while also adhering to your rules.  

As soon as you can comfortably arrange it have the exterior door locks changed to keep others from having easy access. 

Keep in mind that you are still buying into an HOA and you will be bound to their rules - with one company/developer having a majority interest/control, you may not like the decisions they make in the future but would still have to abide by them.

Glenview and Niles are also good suburbs which are close to Chicago with good school districts and easy expressway access.Steve,I'm in Park Ridge too and would like to chat with you sometime.