What are some of the projects that you've worked on?

I wouldn't base any income projections on leasing billboard space unless you know the local codes applying to billboards.

Air has become a hot commodity in cities such as New York where developers are prepared to pay sky-high prices to add more square feet to their projects through the purchase of air rights.In fact, in a crowded city where the only place left to build is up, air rights are now fetching 80% of land values--previously unheard of pricing--according to top Grubb & Ellis appraiser, Robert Von Ancken."

Make sure you're calculating and using caps based on actual data and not proforma.Finally, a great book written by a former bank financial analyst that will help with the evaluation of MF projects is "The Complete Guide to Buying and Selling Apartment Buildings" by Steve Berges.

If you have enough properties (or a large enough single property) to make good use of employees, I feel it is the smartest way to operate...as long as you A) LIMIT the types of work (to minimize injury risk...a worker's comp experience mod increase can put you out of business); B) pay what is necessary to attract a WELL qualified employee (NOT your typical "handyman"); C) are an efficient project manager, or are willing to delegate that task to the employee...and generally support his decisions/timelines.If you try to micromanage...you will have turnover, which will be more costly than hiring a contractor.

What financial independence says is that your are a sophisticated enough investor to take on larger and more profitable projects that are beyond the scope of the financially dependent.The key is that these new projects are within your control to choose now.Tim

He is also far and not in a position to really manage the project anyway.

Nothing wrong with that, just don't think you're gonna get a note at 6.5% for 30 years.On the plus side, you can get some nice corporate LOCs from many businesses that will help later on when you really need the credit for larger projects.

When I find a property with good potential I send it out with pictures of the property, floor plans, sales comps, rental comps, and a financial projection sheet.

Total rehab cost was about $16,000 on this project.