Most people bring their own.We also have a bin of razors, q-tips, cotton balls and even a bunch of contact lens cases in the master bath.

I leave in the Greater New York Metropolitan area, precisely in Jersey City.

There's a lot of suckers who attend these sales, particularly for the lower priced properties and that's precisely who you don't want to be bidding against.

What precisely went wrong?

However, they approach financial health from different angles.The 50% Rule is a quick estimate that suggests operating expenses (excluding mortgage principal and interest) will roughly equal 50% of the property's gross income.The DSCR is a more precise calculation (Net Operating Income / Total Debt Service) that determines if a property generates enough income to cover its debt obligations.Deal example:- Class C middle class neighborhood- 4bd / 2ba single family house- ARV: 190k- Purchase: 105k- Rehab: 35k- Market rent: $1,400-1,525- Section 8: $1,475- Property manager: 10%- Taxes: 125 month- Insurance $1250 yr- HOA: $55 month- purchased and rehabbed with all cash.

@Andrew Slezak I recommend you first articulate precisely the liability events or concern which are pushing you to transfer the property to an LLC.

They could give you a more precise estimate and help navigate zoning regulations and permitting.Let me know if I can help or if you want to discuss your plans further.Best of luck with the project!

When it comes to a lifestyle property, it's another ball game and all the comments you wrote make total sense, especially for people who like similar things in life.

One key lesson was the importance of precise budgeting and renovation timelines.

The precise property forecast can vary depending on a lot of factors but the general demand is really what you should use the tool for to make your plans.