This looks like a great deal, can you describe it a bit more in detail?

Congrats Matt, care to share the details of the deal?

@Spencer Dalberth - be sure to message @Bernadeau C. to be added to the BP Orlando meetup and to get the details on the meeting if you haven’t done so already.

These are a few things that struck me when I read your post:While it's good to be careful and analytical when running your numbers, the specific details you gave above regarding cap rate, etc. aren't accurate.

These tenants are in a hardship situation and they are liable to try to use the security as last month when they do leave-- I think the only way I'll be able to get them out without a loss to me is to hold that extra money.

Send me a PM with the details if that works for you!

If they want the extra bed/bath and the increased rent that goes with it, find a way to work around them.

I have written a detailed business plan on how I plan to start and run my investment  business, eventually bringing in limited partners.I am located in California and hope to purchase my first rental at the shift of the next real estate cycle.

You could make extra income by serving clients as an agent. 

Please let me know of the details.