@Michael WlosekWhat does it cost to give him the digital copies and rights to the plansI get plans drawn all the time for .85 to 1$ per square ft if we use the plan off the internet we buy those in addition to not get in trouble with copyright laws.

Monthly Operating Expenses 2,208.33Net Operating Income (NOI)Total Gross Annual Operating Income 65,280.00 Total Gross Annual Operating Expense 26,500.00 Annual Net Operating Income 38,780.00 CAP RATE and VALUATIONDesired Capitalization Rate6.27%Property Valuation (Offer Price) 618,500.80 Actual Purchase Price 749,900.00 Actual Capitalization Rate5.17%SHORT TERM RENTALMONTHLY OPERATING INCOMESTRNumber of Units 8 Average Monthly Rent per Unit - STR 2,000.00 very modest estimate Gross Monthly Operating Income 16,000.00 MONTHLY OPERATING EXPENSEProperty Management Fees 600.00 Repairs and Maintenance 1,000.00 Real Estate Taxes 2018 records 1,095.00 Rental Property Insurance 480.00 Homeowners/Property Association Fees Replacement Reserve 51.00 Utilities - Electrical, gas, trash, water sewage, internet, cable 4,080.00 Pest Control?

@Heather Dane - Check out Costco bank i.e ‘Bank of the internet’ which is now Axos Bank as of late 2018/Early 2019They have coverage in all 50 states or at least 48 from what I know and int rates and loan fees are undoubtedly one of the best (if not the best)...Costco would t tie up with them otherwise.We did a cashout refi on our primary back in late 2017...I’d highly recommend it

Then, during the $500 workshop the guru spends 10% of the time teasing you with tiny bits of information and 90% of the time trying to sell you on an advanced course for $10,000 to $20,000.You can find too much information on the internet, FOR FREE, and you can get really serious and honest advice at real estate clubs where nobody will ask you to pay money for their help.Don't try to force yourself into a business or market niche.

I'll only look at multifamily properties that are less than 50 units if they're within a 1-hour drive of me, solely for the fact that I may need to occasionally need to get involved with daily property management tasks. 

I'm assuming your due diligence took at least a week, a 3 week closing would totally have been realistic assuming you're well qualified etc.Two weeks, when you factor in that you're posting on internet forums instead of actually getting things going, meaning really it's 8 or 10 days from a lender's perspective, is not at all realistic. 

SFH was vacant for 6 monthsThe owners lived in New Jersey / out of town owners YESResearch and learning all you can about the property is very easy to do with the internet, but it does take a little bit of time and legwork + I was learning along the way.

To date I have been running everything out of a fairly sophisticated excel sheet... but I know there is a better way.It doesn't take many searches to see the internet really likes to push Quickbooks. 

Hi Elaine,It can definitely be a daunting task analyzing properties, especially if you're new to the process. 

When I purchased, my mortgage was around $1,650 and the HOA fee was $515/month including cable/internet.