Most people looking in from the outside think you have stacks of cash and spend your days shopping for high end clothes.

Those same investors that knew their market intimately are making fantastic returns.

@Meaghan Penilla buying a fixer and living in it is a fantastic way to start in real estate.

@Lesley Resnick Lesley, this is a fantastic topic of discussion.

That is fantastic feedback Jim. 

It is a fantastic market.  

Walls or damp to touch, and some clothes are now moldy.

Once you add-in the cost of utilities (especially heat), furnishings (couches, tables and chairs, beds, sheets, towels, table cloths, pots and pans and plates and silverware, napkins, toilet paper, TV's and radios, washer and dryer and refrigerator - yes, it's common for a long-term SFR not to include a washer, dryer, or refrigerator - etc, etc, etc), plowing/lawn/trash (or HOA fees), cleaning, extra repairs and maintenance (I promise that a long-term house renter takes better care and causes less wear and tear than a revolving door of vacation renters), turnover management and screening, etc, etc, you are not making any more with the vacation rental than with the long-term SFR where the tenants pay all the utilities (possibly with the exception of water/sewer), and take care of the lawn and snow, and provide their own furnishings soup to nuts.

My return on investment is fantastic on this property because I only put $6,000 down on it 6 years ago, and I cash out refi-ed it 3 years ago.   

I look forward to this fantastic voyage with you all!