Interest and vacancy rates continue to remain low (for now) and the common perception seems to be that virtually anyone with some spare cash (or a self directed IRA) can fix, flip, reposition, rehab, swap, wholesale, lease to purchase, buy/hold, etc.

Hi, I'm thinking about rehabilitating a 20 unit building and would like to convert them into 16 Condominium units. Does anyone have any awesome book suggestions or resources I can inhale related to this?

My partner and I are looking at foreclosures in New England in the $250k-$350k range to rehab and flip.

Screening is very fast and complete - I can elect to accept CC and set the convenience fee (I do charge a tad above costs), and I find its pretty easy to reconcile a tenants payment via "serial number" or transaction ID reported to the bank with both Rentec accounting AND quickbooks - albeit Quickbooks is still manual for me (you can export from Rentec to Quickbooks via CSV... havent got that far along yet.We literally just completed several rehabs (meaning LOTS of expense), so seeing rents come in quickly and accurately is a relief for a change!

The plan was to raise a couple million among friends and family, locate an acquisition/rehab property, hold for 5-7 years and sell turn key.

When you get down to a granular level you have to make room for and build a brand new kitchen which will be very expensive not to mention the rest of the rehab. 

All that being said, I agree with some other members - depending on what costs you built into the rehab, you have to figure out what you have to work with in terms of your budget. 

(A) You could also buy a “lipstick” rehab, which would not require so much work, and start the deal off with a conventional mortgage.

Your landing page has to capture the attention and create the desire to cough up a name and email address (or whatever info you're collecting). 

To name a few:Base your underwriting on how you will operate the asset, not based on how it is currently operated or based on the broker's pro formaCreate a budget for each year you plan on owning the property + sales assumptionsHave an upfront operating account fund in addition to ongoing reservesBased the market rents on your own rent comp analysis, not the broker's rent comps15% contingency on top of interior and exterior rehab budgetConservative annual income growth assumption (no higher than 3%)