Please share your experience in hopes to helpothers avoid mistakes, learn , share a laugh, or just continue theirreal estate education through you!

@Russ MarlboroughOops, you made a mistake. 8 months from now you’re free from the burden of the mistake. 10 years from now you’ll have made 180k from the property....

I made the mistake of over the phone I think mentioning 1 months rent deposit. 

I have a steady income coming in as well, and could live with the mistake, absolute worst case scenario.

If you can get a hard money lender to work with you they are going to require a down payment since you don’t have the experience and if you miss estimate or make any mistakes you will have to come out of pocket to finish the project.Hard money is very expensive and can eat your profits up very quickly if you don’t know what you’re doing.

My concern is just finding a mortgage broker that would work with them through the lease period so they can qualify on getting a loan at the end of the agreement. my mistake.

The numbers look great to me, and it looks like you've used some really conservative inputs (eg. 10% vacancy is pretty high, but better to be high than too low).The biggest mistakes new investors make are not knowing the local area, and not knowing the repairs costs/work invoved.

You can overcome pretty much any mistake you might make in real estate but you can't overcome buying in the wrong area.

Numbers may look good on a spreadsheet, but if you don’t understand the intricacies of a market, you could make a fatal mistake in your analysis.  

A mentor is not required, but they provide a quick start to how it is done and avoidance of the mistakes you don't want to make. 1.