Although purchase price is critical to achieving success in RE, I'm a firm believer in owning the correct asset class.

.- It is up to each individual to determine the risks they are willing to take to achieve their goals.

It has additional square footage in the basement, which is divided so each unit has its own private area.INITIAL INVESTMENTPurchase Price $110,000Fix-Up $10,000Closing Costs $2,000Future Cash-Out Refi Cost $2,000Outstanding Tax Assessment $2,500City Change of Ownership Fees $1,000TOTAL = $127,500INCOMETotal rents of $1800/mo: $21,600Vacancy+Bad Debt (10%): ($2,160)TOTAL = $19,440EXPENSESMaintenance ($2000)Utilities ($1600)City Fees ($140)Credit Checks ($100)Insurance ($1500)Taxes ($2000)TOTAL = ($7340)RETURNSNOI = $12,100Monthly raw RV ratio = $1.8k/127.5k = 1.4%CAP Rate = 9.5% against $127,500 initial costTotal Return = Depends on leverageI would plan on this being a long term hold with an eventual exit to another investor, owner occupant, or via a rent-to-own land contract.I would be more comfortable with the deal if I could get the purchase price down and achieve a 10% cap rate.

Is there a thread someone can't point me to that better lays out what I am hoping to achieve by becoming a PML?

Mission StatementMy mission is to be incredibly successful.I will accomplish this by dedicating 10 hours a day (7-5pm) to my success formula, 6 days a week.100% of my time will be given to help myself achieve my goals to have a happy, secure, fun and healthy life.My plan of action will include time at the gym, 1 hour dedicated to study, the completion of 6 daily work goals I create nightly, 30 minutes dedicated to meditation and self-awareness and fun time with the family.When I’m at home I will dedicate my time to my kids and will have no thoughts of work.My goal is to be successful, stress free and happy......Some of it's a little corny, I know...Thanks again,John

I want to eventually achieve 100 doors netting me $100 min per door,I would like to use "Double L" in the name.

I too am looking to get into real estate full time, within the next 5 years.You may find these two resources helpful in achieving your goals:The Book on Flipping HousesThe 50% Rule: How to Quickly Analyze a Multifamily Investment PropertyHope that helps.

There are many options to consider to achieve success and to building wealth.Do this correctly and what the taxman was hoping to collect will pay for your children's college or your retirement or ...Spend as much as you can because financing is cheap is the same path Detroit chose.Much has been written over the decades of a wise investment of income.

best of luck achieving your goals

Personally I don't like it but it helps achieve my goals.