While my good friend @Brandon Turner, whom I love dearly, though believe he should shave the dead animal off his face, loves his percentages, he is wrong...oh man, that felt good for some reason...no idea why :)CapEx is a $$ in the pro-forma for the life of an investment.

I can see where they are a different animal vs notes.  

Without knowing the numbers, it might be a decent cash on cash return, but over the short term it might eat your lunch.

How I have expenses before cap ex and vacancy 325$ mortgage taxes and insurance per month33 $ water bill per month 100$ my management team eat expense (spread over all properties ) So a total of $457 expenses before cap ex and vacancy .

In NY different boroughs and locations can really be different animals when it comes to getting listings.But getting Listings 101 is:-Door-knocking-Cold-calling-Sphere of Influence-Farming-Direct Mail-Networking-Home owner association meetingsEtc....

But then it all starts getting pretty expensive, and eats deeply into your profits. 

@Mike Cumbie, you'd have to be very careful taking the commission you mention as it could be considered a net listing, which is a big no-no in most states.I've asked a few times on here that we find different terms for newbie wholesalers and pros, because they're very different animals.  

One day we went there to eat and Harry told us that he had sold the business that he had worked so hard at for ten years.

Different animals.

It's the envelope that eats up time.