You are better off getting started with a clean slate anyway.Not a bad idea, except I don't know if they can get that done before closing in 3 weeks...without cash for keys.

Hello BP CommunityI own a home in the Seattle area, and it rents at market rate with no mortgage. Because I don't have a mortgage and not amazing credit I don't look great for a traditional mortgage through a bank. I ...

Hey Everyone, This is my first post on the forums.  I'm a recent college grad looking to build a steady stream of passive income outside of my current job.  I'm in Atlanta, GA, and plan to live here for the next coupl...

@Jorge Pena the main reason to sell is because a lot of bad stuff can happen with rehabs of this size.  

If so, it seems like it would be easy to be badly in the red before even getting a house under contract (in addition to, obviously, the marketing costs).

But if these really are the numbers then from first glance it doesn’t sound like a bad deal.

I don't love it, would recommend to make sure you won't be putting yourself in a bad position.

Pros: -Most major cap ex fixes are covered-A lot less to rehab if bad tenants- great HOA can fend off bad neighborsNegatives:-If problem happens between units can be a headache-tenants tend to not stay as long-bad hoa can cause some issues There is many factors for you to determine- each situation is different

Add in the down payment of $3500 and you're at $69,465.You're paying market value and getting a high interest loan.Also, verify the trash and sewer data.As for the house itself, seems like a bad deal to me.

As far as cash flow, the best way to achieve at least 1% is going to be through multi units.Getting your license wasn't a bad idea because it helps you get a feel for running comps and understanding the market better.