When she moves out of the apartment make sure you have a formal letter closing out that lease showing the transfer of the deposit and any deductions for repairs.

Actually bought an REO using the FHA 203k loan program, it pays for the property and repairs and still only requires 3.5% down of total so I was still able to create equity by doing repairs.

The standard formula for max purchase price is 70% of ARV minus Repairs.

To remember the expenses -here's a good acronym: TIMMUR (taxes, insurance, management, maintenance, utilities and repairs,For a 100-year old plus building like yours, I would factor in 10% for management, 10% cumulatively for maintenance and repairs and another 10% for vacancy.

We can provide construction, handyman repairs, remodels, and consultation from rental owners point of view.

It was a forecloser that is a 3/2 that after about $5,000 in repair should rent for $500.

Sounds like you are have a game plan.We are retired military and started investing in the DC area 15+ years ago.Bought, lived-in while we repaired, then rented.

You have to consider vacancy loss, maintenance and repairs to hold a property long term.

There is no equity in this deal plus if something goes south with the tenants would you be able to handle months of mortgage pmts, repairs, etc?

did you add your fee to wholesale are there any repairs hoa