I saw a lot of new investors get shell shocked when their rates rose from 4% to 9%.

And when you're setting up for the first time, even on a place that's supposedly turn key, you will be shocked at how much the nickel and dime stuff adds up. $30 for a cheap blender. $50 for extra pillowcases. $19 for a can opener. $12 for dish towels.

ALWAYS get at least a Preliminary Title Report!

Wow, I'm shocked at these answers.

I have also used it to do preliminary "back of the napkin" analysis for RV parks.  

The local small lender we spoke to told us positive rental income would not do away with PITI 😳 I'm shocked at how bad his advice was.

Should only take a week or to get the preliminary info. 

Our civil/architectural firm did a preliminary assessment of the project and it looks like we can get lots of the following sizes built out:Based on 130’ lot, the following lot frontages could yield:80’ lots – (2.5 u/a) = 51 lots70’ lots – (3.0 u/a) = 61 lots60’ lots – (3.4 u/a) = 70 lotsMy next step is to figure out what lot size makes the most sense for our intended exit pricing and product type and to match them to comps in recent years, which are hard to find in this area of town. 

A conceptual site plan was created, and a preliminary meeting with the city confirmed that necessary utilities and services could accommodate this project if it went forward.

You’d be shocked by how little actual screening many PMC’s do!