I do not believe that I personally could achieve the 1% rule on either property on a monthly basis, but annualized, the rents will likely be 8-9% of the total asking price for the properties. 

Park Value $1.1M - yes it's worth less than what we are paying, mainly b/c we are buying it as a redevelopment play and it cash flows once we achieve the next step.We plan on selling off 8 mobile home units in the first year to pay down the 'equity' loan/prefer investors to the tune of $280k.

Prohibits an RGB from setting longevity rentincreases.Part D: Repeals High Rent Deregulation, which allows units to be removedfrom rent regulation upon vacancy after the rent achieves a high rentthreshold; and Repeals High Income Deregulation provisions, which allowsunits to be removed from rent regulation if a tenant's income is$200,000 or more for two consecutive years.Part E: Sets the Preferential Rent as the base rent for the duration ofa tenancy, but preserves regulatory agreements that allow for legal rentincreases.Part F: Allows HCR or a court of competent jurisdiction to look back at6 years of rent history when determining rent overcharges, or a longerlook back period if it is reasonably necessary to make a determination.Eliminates the ability of an owner to escape punitive damages where theovercharges were willful.Part G: Enacts the "Statewide Tenant Protection Act of 2019" to allowany city, town or village to opt-in to ETPA and provides the appointmentof the members of the new RGBs to be done by the opting-in munici-palities.Part H: Amends the maximum collectable rent increase formula thatapplies to Rent Control units to set annual increase at either an aver-age of the last five years of RGB increases, or 7.5%, whichever is less;and prohibits Fuel Pass-Along charges for rent-controlled tenants.Part I: Reforms the personal use exclusion to limit the number of unitsan owner can take out of rent regulation, and requires the use to be animmediate and compelling necessity for use as a primary residence.Part J: Ensures that units rented by nonprofits to provide housing tohomeless or previously homeless people revert to rent regulation at theend of the use by the nonprofit, and that the previously homeless personor persons are treated as tenants for purposes of the law.Part K: Major Capital Improvement (MCI) & Individual Apartment Improve-ment (IAI) Reforms*Limits approvals to work for essential building functions and otherimprovements (e.g, heat, plumbing, windows, roofing); exclude mainte-nance.

That is a mixed signal and tells me they do not have well defined goals set.Set your goal first, then create the strategy to achieve that goal.. it’s like the freeways you would take to get to your final destination on a toad trip (Disneyland).. the freeway is the strategy and the goal is Disneyland .

Refinance the current Live-in BRRRR into a conventional 17% down at a higher interest rate + PMI until 20% equity is achieved.

@Spencer Hoogveld - Come up with your income number, then decide how you want to achieve it.  

Get advice from positive people who have achieved success in your area of interest. 

Park Value $1.1M - yes it's worth less than what we are paying, mainly b/c we are buying it as a redevelopment play and it cash flows once we achieve the next step.We plan on selling off 8 mobile home units in the first year to pay down the 'equity' loan/prefer investors to the tune of $280k.

Every once in awhile you will see a post of an investor who went all out in a midwestern town and through hard work, networking, and partnering with others was able to achieve 100+ doors in a year or two and live off the income.Personally I own three properties, and have been at this game for four years and have not put a ton of effort into finding deals. 

I just did the 90 day webinar and trying to achieve the goal of purchasing my first house hack in 90 days!