Debt expense is roughly $2400 / month Annual Tax: $10,500 Insurance: $3,500 Heating expense (Nat Gas): roughly $4850 / year (One boiler for entire building & two water heaters) Estimate expenses at 5% of Gross Income Annual Rent Roll: 70k ACQUISITION COSTS: Lawyer: 1k Appraisal & Environmental: $2300 Tank Sweep, LLC Set up, Survey, Misc: $1500 Title Fees & Bank Attorney: $5K Bank Origination Fee, Gov Record Fees: $3k The property did come with one unit vacant which I filled this month.

. , the apartmentsoffer easy access to Interstate * and Interstate* and shopping within walking distance whilestill remaining in a quiet setting.One of the apartments has been converted touse as the management office, bringing the currentnumber of rentable units to 79.Units are 850 sq ft with 32 units having gasforced air heat at the tenants expense and 48with gas hot water heat at the landlord expenseThe property is currently renting at just below market but has enjoyed consistently stable and low vacancy rates.

I want to buy something in the range of 80-130k I am also open to traveling a few hours from the Los Angeles area for my rentals.

My first 'real' job was in mortgage banking and I've followed the trends as a consumer ever since.I'd like to dip my toe in the water by buying one starter home to flip over a long-ish term of 6 - 12 months.

This does not make the condo worth more, just gives the buyer an alternative to make a higher offer price due to the seller financing IF that said financing is less expensive than the HML.Cheap financing makes all the difference in a mid-range CA deal.

It is because her water lines are failing and eating up 28% of her expenses.I just met with the city and the park is non-conforming, no additional homes can be brought in unless significant changes are made to the park.I also found out today, a large private school is looking to build on the 50 acre lot right behind the park.

You will probably do better with two units in the 50-70k range rather than one for 100-150k.

Stick to conventional construction at that price range.

Major systems are defined as roof, electrical, furnace, water heater, and no water in the basement.

If you are in a county which doesn't pre-publish min bids, you will waste massive amounts of time going to auctions where nothing is available to you.But if you have a range of types of properties you want and are willing to bid on anything that fits your criteria, my recommendation is to go to a county which publishes minimum bids in advance.