We saw the possibility, worked out a budget, stuck to it, and took a chance.I hope everyone gets the same opportunity!

I used to Remodel Kitchens I have been checking wages for finish carpenters but I make more money driving truck hauling oil.

But remember-whatever quote you get, add 10-20% in the "just in case" reserves, and more time than they estimate, because major rehabs almost always go over budget and over schedule-which means vacancy and no rental income coming in.Updated units would possibly mean higher rents, but I make a policy to never purchase property based on speculated rent-only on its current performance, and give consideration to potential rent increases.

Any suggestions are welcome..FYI it has a income rental behind it "on a separate lot" that I also own, It needs rehabbing as well , it has 2 efficiency apt on the 2nd floor 1st is a 2 car garage w/ storm cellar future plans to add a 2 bed apt to 1st floor1935 buildpurchased for 60k20-25k budget to dress up40-60k budget for additioninterior is in descent shape..rent estimate of $800+/- 2bed, 1200+/- 3 bed & garage

Start rehabbing, with that budget you may need additional funding from hard money or bank sources but you're probably not far off from where you need to be to get started on a project.Are you an adrenaline junky?

Estimated rehab budget of $19000, and holding costs of $250/mo.

I performed standard due diligence on the HOA/building looking at reserves, budget etc.

Expect to lose all of them consistantly and factor in your budget is my newbie take.

It will teach you everything from plumbing to budgeting.

Such may be applicable if you were buying truck loads of sheetrock and plywood storing it in a warehouse for future use.