I've been to the local REIA but it's half sales pitch for guru's and half sales pitch for some product or service.My partner and I have been throwing around the idea of setting up meetings with other locals outside of REIA meetings.

After researching on Zillow and Craigslist I found that apartments typically rent out for $400 - $500/Month and since I have four the monthly revenue will be $1600 - $2000The total cost/month is going to be $200 for taxes and $800 for the mortgage giving me a profit of $800 - $1000/ monthI thinking this is a solid investment because it follows the %1 rule if i have $85000 %1 means I need to rent it out for $850/month which i can do even if there is only 2 units rented.Just wanted to throw my first plan up on here to see if anyone can see anything i overlooked or if they have any suggestions.Any replay is much appreciated thanks!!

Another thing that can throw a wrench in it is if you and your wife are not on the same page on the definition of livable condition.

I feel like I'm throwing away money when I could be putting it towards a solid purchase.As I consider what I can buy, it seems like I'm limited to "rough" parts of Newark and Jersey City, as they still provide a reasonable commute to Manhattan (where I work) and seem like my best shot at something affordable.My question is, would this be a prudent investment?

Have the partners admitted as members and throw cash in the capital account and share according to capital contributions.

So that's 25 of those flips per year.Of course as you start with the rentals they will throw off profit of their own, which you can reinvest.Be sure you read about and understand the 50% rule.

Pretty much throw your bid in and wait.

@Michael B.I was obviously a little hasty to throw the HOA on the wrong side of the equation, and considering that it's about 20% of the rent, that was a costly mistake.

I would like to throw a couple general questions out there and get some feedback to help me get started in this venture.

By the time I had finished reading and listening to everything in it I was in the same league as the top producers yet newcomers were joining a Caldwell Banker type company and getting a training manual I would throw in the garbage.