There are investors that do this kind of thing with HUD homes as well.They sign paperwork at closing that they are occupying the property.Another component of this is fraud to a lender on a loan if you say you will be living there.The reason is lenders give certain rates to owner occupants because statistically you will fight much harder to keep a place you live in.If it's just a bad investment it is easier to walk away hence a higher rate and more down.This property from what you said is 2,400 X 12 = 28,800By half is 144,000 at a 10 cap based on 50% costs.The carpet and paint the bank put lipstick on it it appeal to a home buyer living in one unit and driving the price up.On a quad typically you could expect about 8,000 for the siding,4,000 for the roof,6,000 for 4 outside A/C units,if interior bathrooms and kitchens are outdated about 4,500 by 4 units is 18,000,then water heater and heater about another 6,000 total.So conservatively I have about 42,000 in immediate CAPEX.Every areas cost is different so I am just throwing mine out there.Now the other you say 20 quads total is what you need to worry about.If there are a bunch of short sales and foreclosures from vintage 2004,2005 loans then the new purchaser with a cash offer or a small debt service will rent below market to fill quickly and turn more or the same monthly cash as you.So you starting out at 600 rent monthly might go to 550 or 525 in your development.I have seen this happen.I have also seen even if your building is well kept quality tenants do not want to live next to the other buildings where landlords put in suspect tenants to fill up.Also some landlords with high debt service will drop rent instead of repair to keep tenants so they won't spend tens of thousands out of pocket to rehab.

Even OJ Simpson, who visited my next-door neighbors home and replicated their rock pool, had his former residence dozed and leveled and a new structure built in its place (although no one is alleged to have died there).

Hi,Other than the bathrooms, has anyone installed tile on the second floor of their property?

They will basically just be looking for the following things in your home office:- The office must have a secure door lock and be separate from living quarters (can not be a bedroom, must be a den or a separate office)- Password protected computer- Locking file cabinet where tenant information is stored- ShredderThere's really no way to get around this if you wanted access to complete credit report info.

I find myself just asking for the key code so i can view properties on my own time and leave them out of doing nothing more than opening a door for me.I have met very few realtors that are really good and there value comes form a vast knoweldge of a market or area as well as really good contacts or access to potential deals before they hit the market. these people are very hard to find.

The house has white six panel doors and I'll be adding be adding bigger baseboard trim (white).

So these guys had the last laugh and made a fortune.We've all head the story of Bill Gates getting the contract to make DOS for IBM because the guys who were making the alternative wouldn't come to the door when IBM came knocking.

Newbies come and go in the rental business and they can be a GREAT source of desperate sellers.Having said that, I wouldn't close the door on any sources of good deals.

I am not sure I understand what he is trying to do, or if he has a good handle on what he may be getting into.

Poor guys showed up in the morning--opened the door and :eyes: Thankfully, they were able to shut it before becoming breakfast.