Nov 9 - Today, I spoke with @Mark Hart and he clarified the Scope of Work for the Renovation as follows:849 Avon Scope of Work - EXTERIORRoof- Wash the roof, approximately 7 years oldWindow Repair- Repair or replace any broken windows and repair all rotten woodPressure Wash- Clean dirt and other debris off of the exterior of the homeLandscape - Trim grass and shrubbery and add fresh mulchMailbox - Add a fresh coat of paintDriveway Patch- Patch all major cracks in the driveway and patio areaFence Repair- Add planks and posts on the North East side to ensure privacyIron Security Doors x 3- Iron doors to be installedRekey- All doors to the propertyElectrical Repair- Perform an inspection to ensure all outlets are in working orderInterior Paint- New paint on walls and trim where needed.

In other words, by using the 10 Month formula, the last 2 months of rent ($1600) will either be your true profit or your rainy day reserve money in the event of a bad tenant change-out, unexpected repair etc.  

I am a investor and agent in the FL/TX markets and would love to help you out! Let's

It's a good lesson though for new OOS investors who don't think long-term that the short-term can be unexpected when you don't visit.

If something unexpected comes up that takes a LOT of your time then we do bring that to the attention of the owners and leave it up to them to compensate or not.

I used post it notes and stapled them to the studs where I wanted all the outlets and switches.

Deal breakdown Asking price: $700kCurrent Market Value: $675kRepairs estimate: $25 -$35kARV: $710 - 725kSeller Mortgage: $430k @ 2.75% 30yr with 27 years remaining USDA loanHELOC: $70k - seller requires this paid offTotal debts against property : $500kSeller is asking for:HELOC paid offEnough cash to pay off their other debts estimated at $110k give or take.Rent back agreement at $3200 / month until they secure their new home Seller will carry back the remaining approximately $100k for 10 years at 0% and a lump sum payment of $10k each year on November 1st beginning next year.Seller agreed to a sub-to as long as payments are made through a licensed loan servicing company.So final numbers look like this:Mortgage : $2480/ month PITIRent Income: $3200/ monthCash down : $170k Positive cash flow of $720 / monthProperty is a 3 bed 1.5 bath 1915 square foot two story on 4 acres, large shop 2400 square feet, barn 1800 square feet, house was built in 1995, some updating has been done with all new stainless appliances, new LVP flooring on main floor, new sinks, faucets, toilets, light fixtures, door hardware, electrical outlets and switches, wall heaters and thermostats are new.

You just have to keep your eye out. Let

This is a stopgap obviously, and for a permanent solution I was wondering if anyone had any suggestions for a device that connects to wifi that could monitor outlet-specific usage, so during a rainstorm I could check on my phone and be reassured that this specific outlet the pump is plugged into has been active for 20 minutes in the past hour, for example.  

AT MOST i have had them test my outlets and find that it didnt have a ground and the fix for that is a ARC Fault/GFCI Breaker on that circuit.