We also have an affordable interior designer that will be working with the contractor to help put together a plan for the rehab.

Looking at some of the other people posting from large metro areas, I see now why the 2% rule is so tough in Omaha... our rents are crazy cheap as housing is so affordable.

I settled on a condo unit for a few reasons: in my target town, an affluent college town, I cannot afford a house that would be a nice enough neighborhood to attract the type of tenant I want.

I am sure Detroit is a lot more affordable but like James and Josh have said, for the first investment it might be a stretch.

I'm sure Costco wouldn't be selling them if they weren't good products.

But there are also products with certain guaranteed min. returns, for example.So no, I wouldn't pay the bank $1000 (in interest, I assume) just to save $280.

That is 6k to move in, but if your tenant doesn't have 6k they probably cannot afford a $2,900/mo payment.

I'm not ever going to say I do things better than you, your transactions I'm sure are much cleaner and you are leaving your end buyer with a very good quality finished product.

I have a nice list of buyers that are actively buying deals every month, but no product.

Keeps you on your toes offering better, cleaner product & services to your residents.