We haven't had any trouble with the blinds themselves and the cost to replace at some point in the future is minimal - less than $250 for the full house including paying someone $50 to spend a couple of hours hanging them.

After reading over the bigger pockets forums it has become apparent how important it is to get the contractors plan of action and budget written in a contract, so we will be sure and get that taken care of properly.

What was your purchase price and renovation budget ?

The place is in decent shape though as-is, but I'll probably spend 10k in the first year on the coach house alone.

What borrower can expect for an SBA loan is different than the process/docs required for a hard money loan or say a church loan.A knowledgeable broker should easily be able to impart their knowledge as to how a particular lender and/or loan program works or what the current market appetite is for a particular property type is.That, and a good broker should be willing to spend the time and work pro bono while they approach lenders.

I've been doing a lot of research and keep coming up to this site so figured I might as well sign up since I spend so much time read the post.

People poo poo the guru shows, but you know if you spend a few hundred bucks and attend and pick up 1 item to help you close a deal in real estate, what is that worth, at least 5 to 10x the cost?

If the numbers still work based on double the estimate, then bring it to me.And for me personally, a wholesaler should be able to figure out exactly what I rehab on my properties and exactly what I tend to spend (it's all on my website).

heather, so sorry this happened to you. this was very unselfish of you to post your unfortunate loss. it wakes up investors eyes & maybe even scare some away.having reserves is very important. a lot of peeps will just blow the $ every month to cover their personal spending. throughout this post you have definitely listed the realities of landlording. maybe you could start a LL reality show & gain back your loss that way?

With the advice I received I decided to penny pitch, go on a diet (saves on food) and basically buckle down on my spending so that I would be able to purchase all cash at the end of 2012 or beginning of 2013.