Make sure you have a percentage (usually 20%) set aside from your rent for overhead like when the condo isn't rented after a tenant leaves (unrented days), repairs, HOA dues, utilities you pay, condo assessments, etc.

He had put alot of repair money and other stuff on a credit card hoping to sell the property.

I certainly didn't intend for it to come across that way.My only point is that there are a lot of people that think it's no big deal to give a buyer a lot of cash back for "repairs" that the buyer never ends up doing.

Hello All,I wanted to find out if there is a way I can find out what % that I and other investors would get back if we did the following:Property cost $40,000 and repairs is $10,000 = $50,000Investor #1 puts in $25,000Investor #2 puts in $15,000Investor #3 puts in $10,000Total $50,000So what % would each investor received after property sells?

Also landscaping fee's in the summer and repairs that would crop up here and there.

Here are the numbers.ARV 205000.Repairs est. 20000asking 145000My strategy is to rehab and retail.

Some other things to consider:- A HELOC can be nice for covering SHORT TERM emergency repairs if you need that security.

I also plan to spend approximately 5k in repairs so I guess the total cost to me is 162k.I didn't get into the specifics of the property detail because I'm not sure if it matters what type of property it is.

I'm a newbie myself, havent made my 1st yet, still learning.I bought a single family home for $115K, put about $3K into repairs and am renting for $1000/month.

Here are some of the problems:1 - My contract with the manager states that they can't spend more then $100 on repairs/expenses without my permission.