Feel free to PM me if you'd like to discuss this further.At the very least, just remember a real estate investment is only worth what it rents for.Yours in Service,Lanny

Can you explain to me what your reserve requirements are?

My original plan was to put a HELOC on each unit and pull 80% of the value out to recoup my cash, however now I’m considering doing a cashout refi in six months for the same amount or more.Using the HELOC, my original plan was to take a 50k line on each unit and use all of my cash flow (no money set aside for reserves/profit) to not only pay the interest but also the principle down.

Do you have a reserve or did you spend all your money to purchase your latest property?

One big thing would be to urge myself to talk to a full-service CPA firm either before or immediately upon acquiring the first rental.

I'm planning to turn at least one of the 1/1's into a vacation rental which should earn at least 1200/mo (very conservative estimate, probably higher).Purchase price: 295,000Down payment: 25%, $73,750Loan term: 30 yearsInterest rate: 5.375%P&I: $1238.94/moClosing costs: $2800Gross scheduled income: currently $2650/mo, I'm planning on $3000/mo minimum with STR, so $36,000/yearLess Vacancy/Repairs: 10% = $3600*Gross Operating Income: $32,400Less taxes ($4700 (high estimate)), Insurance ($900), and Water/Sewer ($1800):  $7400Net Operating Income: $25,000Less Debt Service: $14,867Before Tax Cash Flow: $10,133CAP rate: 8.47%COC: 13.24%*yes, I know that's low for Vacancy/Repairs/CapEx, thats because we do our own work and management.  

I’m looking for anyone who has used the services of Morris Invest the company run by Clayton Morris.

They are far more likely to have these services if they are local in the area you are buying in. 

City ordinance requires us to provide both garbage and recycle service for our multifamily properties.

Also identify a couple of states that you would like to focus on and find a note servicing company that can help manage your note portfolio.