There are threads on theFastlaneForum.com with specifics of all of my deals, but here is a quick highlight of the current state of my apartment deal (I will be starting another thread because I have a question on how others might address the basement renovation financing situation with the property): Purchase: $210,000 (REO); 2-units rehabbed and updated by the bank, garden unit not yet finished but the framing is completeDown 3.5%: $5,000 Earnest, $900 at closing (seller covered $7,500 in closing costs, also used to buy the FHA rate down to 3.25%)Capex: ~$8,000 (Updated door hardware, amp service from 100 to 200, coin-op laundry machines, etc)Location: 1 block from Brown Line in Chicago (great) on the North SideComps: Property across the street, similar layout sold for $300,000 in March (had slightly nicer finishes, unfinished garden unit)Rent Roll: Unit 2 - $1,300 with parking (3 bed, 1 bath...currently under market since rented November 1st) Unit 1 - $1,100 (live in 2 bed, rent one room at $550 and currently use one parking space worth $150/mo, renting out beginning next month) Garden - $950 (2 bed, proforma for rehab; will cost $15,000-20,000 to rehab) Laundry - $30/moNOI @ 45% (brand new water heaters, furnaces, appliances, etc): $17,030PF Basement Reno NOI @ 45%: $23,430As-Is Cap: 7.8% (yuck!)

My name is Dan and I am a brand new member as well as brand new to real estate investing.

These units are 2 bedroom, 1 bath, non furnished with brand new everything inside (everything was redone and rebuilt this past summer before I bought it).

They typically have less brand recognition and smaller operationsAlso, FHA loans are typically harder to get from an inspection and appraisal standpoint.

I am new to the real estate arena and would like to network with some of the fine folks in Cincinnati.About me: brand new investor, educated myself on the nuts and bolts of wholesaling for a few months, and recently did the first mailing of a yellow letter drip campaign.

I read that to 50% depreciate items they have to be brand new...Anyways thanks!!!

:Brand new to BP poster, foreign, 'cute girl' avatar and draws attention to herself in the title post as being a 'girl that needs your help'?

Jus this year one of our condo projects got a brand new roof.

A few are at 3% but you are talking usually a franchisee of a well known brand guaranteeing the lease and not the corporate company that controls all 1,500 locations for example so you are taking on much more risk of default to land that extra 1% a year.Everything in real estate is a trade off.

However there is 2 very similar duplexes down the street renting for $650 /month, so there is the opportunity to raise rents.I contacted a good local lender and here are the numbers I was given:Sale Price / Rehab = $116,000 (including rehab funds of $6k)Loan Amount: $111,836Interest Rate: 4.75%APR: 5.813%Payment = $923.66Cash to close = $4,208.34 (downpayment of 3.5% on $16,000)Payment BreakdownP&I = $583.39Property Tax = $161.36Hazard Ins = $69.00PMI = $109.91Total Payment = $923.66The duplex has brand new windows throughout, new furnace in one side, new hot water heater in one side, recent roof repairs, and new front door on one side.