Building is roughly 6000 sq ft, 3 story with a commercial unit on the main level and 4 apartments.Current rents:Commercial space - $500Apartments - $300/ea (Tenants pay all utilities)Light on top of building that banks rents $126Total: $1826 per monthPurchase price - $92k (land contract)Down Payment - $10k5.5% interest on 20 yr mortgage with 3 year ballonMortgage payment: $564Taxes - 3300 annuallyInsurance - 300/monthA few things to note:- Rents need to be raised.

Yes this is nothing new to the big boys & girls out there, but new to me as I have only purchase new completed places.This is the current bus. model that worked on my building1-build/buy new & hold(unique duplex like SFR - thus hi quality tenants)2-cash flow-not great but good3-exit by selling as condos (30% higher value than the whole duplex structure)These are the rough number on one current duplex:-150K 0.4 acres land purchase for ONE duplex (an average - extremely hard to find)-300K Build and contractors fee-20K City utilities (can save here w/ tear down-Utililitie in place & easy to permit)-Appraised at 470KWith these numbers there is no deal/money to be made upfront unless the appraisal rises or the land price drops.

When I email out an app or the prospect picks one up at the empty unit after viewing it, if I don't hear back from them within 24 hours, they get one follow up call and then go into the circular file.

Or you could pick up the phone and cold call but you have to be careful and make sure your cold calls are not on the do not call list.

Log into Listsource, pick 99-100 equity, SFR, 2-4 bedrooms, purchased within the last 9 months absentee owned.

Marco Santarelli Paul Timmins James Vermillion Mehran Kamari and Patrick Jackson I am looking forward to being a member of the community and picking up on the knowledge and experience you and many of the other members bring.

Rick Wheeler Yeah, the hedge funds can be a great thing if you get in before they hit your market or if you can product to them.Awesome that you can pick stuff up from my posts!

Forgot to mention - I would pay cash for the property and I have factored in 10% annual maintenance/repair, 5% self managing cost; $1393.00/year property taxes, insurance, utilities, and 10% vacancy/bad debt/collections into my spreadsheet.

If you haven't yet, I'd also recommend picking up a copy of "The Book on Flipping Houses" here on the site!

In some markets they are the better pick.