I am wanting to do 90% of the work myself to save reno costs. 

I moved to Florida a little over a year ago, I bought my first (and only) house about 4 months ago.I am highly motivated to start in the real estate filed.There is one problem- MONEY.Right now I'm trying to save money to invest in a second home.Every morning I wake up to a 9-5 job, stare at the computer all day,and I feel like I can do so much more.I know how to work with my hands, and I renovate in my free time.I would love to work in this field and to learn the profession.If anyone is interested in mentoring a young and motivated guy, please leave a message here.Thanks!

I'm not sure how much I'd save per month on the PMI if I refi'd out, or if the higher interest rate would pretty much break the payment even without the PMI.

This will save you the time and aggravation of having a commercial account (since the utility is not in a living space) with deposits and monthly connection charges, etc.I offer a $10 monthly credit (via addendum) which is more than enough to cover the electrical usage many times over, and my tenants appreciate the transparency and the slight cash flow on their end.Our local utility (Nat.

although they both are interdependent.The best way to understand costs is to get a Floor plan drawn and get quotes from at least 3 people in the area who have done ADU'sIt's always a good idea to involves a professional right from the start, especially someone who is experienced as they will suggest techniques that could bring value and save money in the long run.

But most of the people who were being foreclosed on were home owners not investors.So to protect yourself, make sure that you can cover payments when vacancy goes up and make sure you are cash flowing enough to cover expenses still if the rental prices dip a little and save some of the cash flow for an emergency fund - maybe 5k per unit. 

update.my 3 unit cash out was cancelled by quicken loans. i give them no stars.90 days and $500 later to tell me they dont accept reserve money in dba account. i needed 2 months in personal savings. this after 10 other stupid red tape bait switch tactics. and 3 different loan officers all with varying degrees of knowledge.

I have enough money saved up right now and good credit to be able to start something, I just want to making sure I start in the right direction.  

Homo economicus would say maximize utility on the loan side and profit on the income side. 

No closing costs, generally just an appraisal and other small fees but can save you thousands.