Factor in about 10% of the sale price to go towards closing costs (transfer taxes, commissions, attorney fee, etc) and miscellaneous expenses and you're at $625K so far - this is NOT including demolition costs, holding costs (taxes, utilities, insurance, management, etc), architectural drawings, surveys, building department filing fees, etc.That said, you may also want to consider the costs and potential benefits of adding sq ft. to the existing home and/or updating the home to potentially boost your sale price.All the best!

Hi all, quick question today.I've been looking at a few older property listings while searching for a buy-and-hold rental property in Michigan.

I have not used them but it is plan D for me when I get my first deal as time is usually the primary concern for motivated sellers and like you I may get some great deals that don't fit the buy and hold portfolio I am trying to build.

If your strategy is buy-and-hold with long-term appreciation and eventual cash flow, you'll be alright.

This is an asset that will provide income for you for as long as you hold onto it.

We are looking to purchase our first property this year, specifically a SF/MTF buy & hold in the Cedar Rapids or Iowa City area.

You want to buy a property, then rehab and hold it for only $991 per month in rent?

How many regular homeowners want to deal with remodeling the kitchen in their own home? 

The remaining 10% of the purchase price, the initial portion of the rehabilitation expenses (which will be drawn from the Hard Money Lender later), and the holding costs will be funded by our Private investors.

Buy and hold.