If you need 10 minimum and have to hold those non-paying tenants until you get 10, what does that cost you in your financial model?

What started as a promising BRRRR ended with us making the tough decision to sell at a loss after an unexpected disaster.The Numbers:Sold for: +$230KPurchase Price: $115KClosing Costs: $3KRehab Costs: $105K ($49K original rehab, $56K additional repairs due to the car crash)Holding Costs: $31K (12 months)Selling Costs: $16KInsurance Claim Recovery: +$25KNet Income: - $16KWhat Happened:This was supposed to be a BRRRR.

I highly prefer Virginia for LTR buy and hold. 

Court house steps was foreclosure purchases and sub to purchases to flip.. we hold now long term rentals..

And personally I put way more weight on buying the right location as a buy and hold investor than saving some dollars on the front end. 

I was not looking to convince anyone into other avenues of investing or to piss on real estate as I do hold a few properties that have appreciated, cash flow and I have benefited with real estate.

Believe me, the longer you hold the more your expenses will grow.

So anyone from OOS that considered moving to coastal Southern Ca, please hold off until things settle down.  

The longer the better, but keep in mind that many of these structures have severe prepayment penalties so using 10 year debt for a 3-year hold creates a problem. 

Less sensitive about the price too, because the goal is to hold for a long time..