Hello all,I'm fairly new to this industry but have been fascinated with real estate investing methodologies for over a decade. In college , I opted out of the dorm life to live with my parents and save for my first ho...

Then you have a constant problem with them on paying rent, not taking care of the property, breaking out windows, pets without approval etc. 

Constantly listening to the podcast and bought 3 of the books listed on here (book on flipping houses, estimating a rehab and rental property investment.) so trying to decide how I want to jump into investing.

They are just another potential expense and one that requires constant repair.

Hi KassieI don't have a lot of experience in your type of situation but I wanted to offer two things:1) i hear you on the life with kids situation..btw I don't have spotify and i can afford it. nope still don't have it. it's hard saying no constantly..i have sympathy for your situation2) apart from all the numbers, do not underestimate the stress of keeping this house..selling it as is, even if the total money that comes back to you is not great, will be a huge relief. sell as fast as possible and live to invest another daygood luck to you

My PM lender is a relative  (full disclosure) but he wants us constantly buying as it is money he had not earning anything.

This friend and I are constantly discussing properties that are on the market and driving around to look at them.

I think punishments are felt harder than rewards. maybe cause im Asian and my parents treated me that way. but honestly threaten eviction if they constantly don't pay on time.

The problem I find myself in is that I see myself going to the local hardware store and buying things on a constant basis but no consistent place to put the expense, such as a spreadsheet of some sort.I imagine I am not the first to come across this problem, do any of you have a template I can use or recommend one that will allow me to itemize my expenses.Thank you,Jose Corbea

That is if you are scraping by and constantly calling your lender for draws...ideally you'd have plenty of working capital so you don't have to delay things while waiting for draws.On the rental side, you should be able to get into pretty much any property with 20% down, so you'd also be looking at around $40K out of pocket.If you're thinking about an area where properties are in the $100K range, then you'd be looking at cutting these numbers in half.Even if you find a good hard money lender for a flip, they are not going to lend you 100% of the capital and will want to make sure you have some skin in the game (especially if it's your first flip).