One time I was looking@some properties ( you know driving for dollars) and there was this house that looked very nice just really abandoned it had trash all over grass was long etc.. so I got off my truck looked around went up to the windows and peeked in  the house (hahaha) you won't believe what I saw ..There was a t.v set up on the wall and it was on lol...I ran out of there so fast I was so embarrassed because I was just peeking through someone's window and you can get arrested for that lol..

: After, coming up with my project plan, the estimate budget for the rehab is approx. 32k.3.

While an extra $200 a month above your current rent+car payments is certainly achievable for a financially-disciplined person, your actual monthly expenses may be far greater than $2,155.When calculating your monthly housing expense, you also need to account for some of the following items that, as a renter, you do not budget-for, in addition to the $2,155 "base" loan payment:HOA (these can sometimes be several 100's per month, especially in condos)Homeowners' Insurance (this will be several 100's per year)Utilities (some may be covered by your condo HOA)Property Tax (if you don't save for this, you'll be scrambling for cash when the bill arrives)Mortgage Insurance (might be required depending on the size of your down payment) The above factors may be why your bank/lender is only qualifying you for a $1500 per month loan; though you can afford $2200 per month in aggregate, the bank does not want the HOA or County of LA to lien the property due to delinquent HOA payments or Property Tax payments, both of which are senior to the Bank's Paper.

@Jessica G. outstanding job you did in the short time and with your budget!

First check the budget for the past few years and see how actual expenses/ income stacked up against it.

We have a $25k marketing budget, and we are direct to the seller.

Owner Pays for heat & water currently.I have included a 30K budget for repairs & Capex.She is asking 900K.Questions..Is this a deal?

If you budget for expenses and vacancy correctly and still have cash flow then fluctuations in the market shouldn't really bother you... if you're relying on equity, a market correction would hurt.Not to mention that people big in asset protection would say you are better off having little equity so there is nothing for someone to try to sue for.Just my $0.02.

I'd budget at least double that number unless you have an actual estimate from your lender that it is going to be more like $3K.I will assume the answer to the who pays for the heat and hot water is the tenants.

- Budget?