It is normal for insurance policies to be bound with an effective date of closing or date of auction win and then take a few days or weeks for the actual full policies to be processed and issued.

Unless you're a real estate professional in your full time job- then you may be able to take all losses against normal income 

Hi all, This really shocked me but have been told this is very 'normal'.  

anyway:I assumed $120k all in, with 5k in reno, it would be plausible to "discover" another $5k issue, otherwise I normally assume +20%, which would only be $1k here...anyway:[email protected]% for 30 years: $625 a month (after refi)taxes: 300 a monthInsurance $60/monthVacancy (1400@8%) = 112repair contingency $60 a month (4%) Capex $60 a month (4%)management fee $100=$1317the repair contingency is accounting for an update/refresh of something in 5 years to max resale (floors, kitchen/bath, whatever) and backs up capex if something goes to hell early.anyway, it was just an exercise of a representative home.  

I've found 3, four unit homes 2 bed 1 bath, and I can afford the mortgage and taxes with my normal income, so that's a plus. 

Hi all,I was recently introduced to a real estate investment opportunity by an old friend (who claims to be a gap funder/broker).He introduced me to a partner of his who claimed he had access to portable mobile home units across the country and in which case I could invest in each rental property for an investment of $10-15k each and receive a residual passive income of approximately $2.5k/month.The deal would be a completely turn-key investment, as I would own the note on the mobile unit, and I would not have to do any maintenance, etc as a normal landlord would.Everything sounded great on paper, but here's where a got overly suspicious:1) The one-page, loosely written contract he provided did not disclose any address or rental property infornation, nor were there any lease/loan terms or agreements set forth.2) The urgency to close the deal.

@taylorbrugna - I think is the simplest way to show money in when received and out when invoice is paid out.The issue that we have run into doing that is sometimes there are more charges in a given month due to the billing dates.Let's say the June mowing bill came the last week of the month and was paid in June also we then show double the normal cost in June and then we have explain why we had an increase in mowing.

My question is, normally I am a buy and hold guy, however the numbers are making me question what I should do.

@Candace Postell,The attorney should be able to handle everything since you don't need marketing or any of the stuff an agent normally does.There's a lot of misconception about what agents do.

Normal laundry machines can be bought less expensive.