Below are our findings.MethodologyOne of the challenges we have with most reporting sources is that they use metro averages which combine different types of properties (single-family, condos, multi-family) in very different price ranges and different areas.

This took his interest rate to a whooping 7%, due to which he is paying around $3300 before tax every month on his mortgage.The remaining amount on his loan is $460,000.Now, some pointers about the property.It's a multi-family property with a very good location.It is very close to NY, hence the commute is easy.It's a multi-family house with a combined rental income of around $4200 per month.The Lot is size is double than usual (compared to the average size of City).Current monthly payments being paid by the owner:-As told before, the remaining loan amount is $460,000I've had appraisal done on the house, and it came out to be $390,000.Mortgage ($3300) + Tax ($1000) is $4300 every month.Water bill is around $150 every month.Insurance is around $100 every month.Hence the owner is paying $4550 every month.The current situation:-The Owner has this house on sale at the moment at $500,000.

Combined I think I'll potentially have around $80k to play with and dump into 2 more multi's, but I won't be able to pull it out or qualify for any kind of loan if I don't have a permanent job.Further more I am looking to switch industries to get into property management or something similar in real estate.My real question is this: If I can land a permanent PM job, how long will it be before a bank will count me as someone they can lend to again?

Every time I think I've found the right combination, it turns out the sub thinks I'm working for him on his schedule not mine.

I need help to see if my quote is reasonable (I know it's area-specific, but still).Work to be done (combined for both buildings):Install 67 squares of vinyl sidingCover all fascia with aluminumInstall vinyl soffittsWrap windows and gable vents with aluminumInstall 20 sets of shuttersWe're also having 5" aluminum gutters and 3"x4" downspouts installed.Total bid was $22,000.We could use beaded vinyl siding (a little nicer) for $2,200 more.Does that sound in-line?

It might require combining the lots back into one lot.

Think Edward Thorpe type stuff.Two areas that I think are viable for someone with some combination of engineering/programming/math backgrounds would be financial programming, basically maintaining code for financial institutions, or Big Data.

Those two are not a good combination for lenders.

You might get a 15 year fixed, ARM, or balloon or some combination.

If I can get the loan for less or turn the property around more quickly then I will end up with less hard money costs so that I have a bigger pad to cover other expenses.I started out using a combination of "family and friends" money and hard money to get deals done.