I I am looking a general contractor to remodel my basement adding a kitchen, washer and Dryer hook ups and add a walk out door so I can rent out my basement.

Percentages vary depending on your strategy but here is generally how I use my excess cash from this portfolio: Say you have extra 1,000 bucks after paying your monthly expenses and putting aside money for reserves: I split it out in the following manner. 1) Additional rainy day fund for CAPEX and repairs. 10% 2) Additional Acquisitions budget 50% 3) Additional Debt paydown 25% 4) Stocks / Bonds/ Pay myself. 15% I definitely prescribe to the pay myself first , and have a more conservative approach when dealing with debt .

Not to mention even though Prices are more reasonable Upstate, NY state in general has Tenant friendly Laws as a beginner I rather learn and make mistakes in a State that laws are more Landlord Friendly, Property Taxes are high in general in NY State and snow is worst Upstate some of the factors why I headed South...After deciding to invest out of State the next big question was which market, I picked 3 did what many do here in BP and probably overanalyzed the markets then visited all 3  markets and made a decision where to plant my roots.

I generally see a few new properties in a variety of areas in NC weekly- many not too frightening.Glad you're onboard!

Whereas the general public doesn’t know a million real estate agents, tends to hire the first one they meet (when they’re ready) 70% of the time and tends to sign whatever “normal commission” you initially propose.The great thing about working with investors is you get access to wholesale priced contractors, you learn what questions to ask, and you learn how to analyze your own buy and holds or buy and sells.

@Robert Burns In my experience:#1 Calling FSBOs#2 Door Knocking About-to-Expire or Expired Realtor Listings#3 Mailing all Realtor Listings#4 Calling or Door Knocking the General Public#5 Advertising Online

I really like the idea of having a monthly cash flow and I generally appreciate the concept of renting more than I do flipping.

New tenants expect skuffs on the walls to be addressed and for the apartment to be generally clean.

I signed a contract at the beginning with a GC that was more general than I wanted considering the large price tag, but he kept saying that he couldn't make it more specific until they busted up the concrete to see what was really going on (lots of unknowns due to age and character of building).

I know a lot of homeowners would like to do the work themselves and turn a profit on their investment but generally lack the finances, knowledge, etc to do so.