I'm a father of 6 stay at home dad.

Read books on investing in real estate, listen to the podcasts, attend webinars and stay active on the forums while connecting with other investors in your area and pick a niche.

Thank you to anyone who reads our quick little story, and I am excited to share updates in this thread as we have them.

I would recommend staying on the lower in when it comes to rental income expectations. 

Once you open a wall and see the wiring is knob and tube you MUST update it to pass inspection.

Update time: All of my properties are in Connecticut.Triplex in New Britain- BRRRR complete and fully operational.a 2625 Rent Roll 100,000 acquisition 50,000 renovation, 140,000 refinance out 190,000 valuationDuplex in Manchester- BRRRR complete2500 Rent Roll 60,000 acquisition 60,000 renovation, 140,000 refinance out 190,000 valuation.Duplex in New Britain- Auction.com buy at the refinance stage.2475 rent roll  75,000 acquisition 20,000 renovation, looking to refinance out 110,000 for a 165,000 valuation (Refinance complete on 12/22/2016)Duplex in New Britain- bad foundation renovation done this month2600 rent roll 85,000 acquisition 30,000 renovation, looking to refinance out 120,000 for a 165,000 valuation in progressDuplex in Manchester- acquired from wholesaler half rented and in renovation1000 current rent roll77,000 acquisition: gutted second floor to correct all issues 30k in renovations to be done by 1/21/20172400 rent estimation 77,000 acquisition 40,000 renovation,looking to refinance out 120,000 for a 170,000 valuation in February, 2017Duplex in Manchester (Smurf house)- MLSTotal gut job: 70,000 buy.  

I'd stay out of Sociattle, I mean Seattle.  

Just a few hours ago my realtor called me to say there was a problem: the renters want to stay.  

My question is would you have the demo company remove all electrical and plumbing wiring (it all needs to be updated) at the same time of demoing all the rest of interior?

I began scouring foreclosures, REO’s, and craigslist.Eventually, I came across an SFH REO that had been on the market for 15-16 months.It was initially listed at $89,900, and was down to $39,900 by the time I looked at it.It clearly had plumbing and a kitchen for an un-permitted 2nd unit upstairs.The conversion from SFH to duplex would be easy.It basically needed everything.I decided to put an offer in.I felt like I could make the numbers work at $25,000For those still reading, here was the process: My initial offer was $10,000 w/ $500 EMD all cash.They countered at $35,000I went up to $15,000 and they stayed put (oops, over-played it)So, I counter at $17,500—best and final offer.They counter down to $25,000 w/ $2500 EMDI email my lender, and let him know that I am at $25,000 (he knows that was the target was), and told him that I wasn’t done and wanted to bring him down further.He says “Let me get this straight.You got them down from $40,000 to $25,000 which is 37.5% off asking price, and you want to get them down further???”