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Originally Posted by LWJ
Many 2,3 and 4 answers are local law/code dependent.
Insurance is about the same.
Maintenance is more a function of age and current condition. I don’t spend 10%. Ever. Good to hear. I hope I don't have to spend that much too and I plan on rehabbing up front to reduce ongoing maintenance
Financing you can do conventional but you will need 25% down in almost every place I have seen. I expect to do conventional financing but I will initially pay cash, rehab, get tenants, and then re-finance a complete property with actual income being produced. If I can find any good deals via foreclosure auction, I believe you have to pay cash at the auction.
My wisdom? 1) hire a manager. 2) buy for cash flow. I really want to see 10% cash back from my investment. Hard to get! I plan on hiring a manager and definitely accounting for the cost whether or not it's managed by me or a company.
Good luck. What area? Example - I don’t like Portland currently. Over priced and oppressive city council. I'm starting off looking in surrounding communities (I live in Fresno, CA).
I have self managed and hired managers. Never self manage again. Never.
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I'm looking for houses and small multi-family units in my own town and surrounding areas.