Here is what the numbers came out to:$50k unsecured loan at 8% interest from Huntington BankPurchased property for $40k- used the remaining $10k for repairs (repairs should take max of 2 months)Rent house out after repairs are done for $900-$1,000 per month  ARV of property is $60k53rd Bank offers 90% LTV refi after 6 months seasoning and $195 processing fee at closing- Refi property for $54k on a 30yr mortgage at 5%Mortgage payment including taxes & insurance= $436/monthCashflow= $900 - $436 = $464 gross cash flowRemove 20% for cap ex/vacancy/other expenses (round up)= $100Net Cash flow= $364 monthWith the 90%LTV refi I am able to get my initial $50k back from the unsecured loan plus $4k.

So i hired a property management company to take over while I moved away. the tenant moved in in May. my first repair bill was for $447.02 the next bill was for $734.32 that was for home depot to pay for the first repair bill. found out that the 442.02 was for labor only.

Hey guys!

What book suggestions do you have on home improvement/DIY rehab?

Thanks!

If i can be of any assistance to you or anyone else let me know.

You would have cleaning, repairs, restocking and policing to do every day. 

Focus on learning the business and/or find a great property management company to assist you.Find the ROOT CAUSE of the vacancy issue and focus on resolving it!

.$49,900 asking price$42,000 purchase priceINCOMERent- $1200/monthEXPENSESTaxes- $103/monthINS- $30/monthVac- $84(7%)Repairs- $60(5%)CapEx- $60(5%)Prop Mgmt- $120(10%)Mortgage- $333(HELOC PMNT @5.75%/30YEARS)MONTHLY EXPENSES$790/MONTHCASH FLOW$410/MONTH$4920/YEARCOC ROIPurchase PrIce $42KClosIng Costs $1680(4% of PP)Rehab- 15KTotal Invested $58680.00CoC ROI 8.384%TIA for takIng the time to look thIs over.

I haven’t seen the property yet so I don’t have a full gauge on repair expenses needed. 

The cost of the repair is$27K and don't want a pool either. 

- Are you seeing a lot of homes that were flooded be vacated or are a lot of homeowners/renters repairing?