(Only one apartment is livable at this time)This is my first major renovation project, any advice staying focused when those mortgage payments are hitting?

Hi everyone,My wife and I are keeping all options insofar as real estate investment opportunities to engage in.

I might be able to help you with this project.

Everyone seems to talk about including the costs of the new mortgage, taxes, insurance, maintenance & capital reserves, and the vacancy projections when looking at realistic cashflow, which we already do for all the properties in our rental portfolio.But we, like many, cant find properties that are making any cashflow sense right now.

This is due to updated guidelines from Fannie Mae and Freddie Mac aimed at reducing risk.The rationale is that having the tenant's first month's rent payment in hand provides proof that the rental income will actually be received and is not just projected.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

After doing the research and meeting with multiple architects and builders it became a project that we did not want to take on.

Good luck and keep us updated!

Should we keep it close to home?

So, keep that in mind as well.