BRRRR. What am I missing?

33 Replies

I primarily flip houses at this point, but I also need to pick up some rentals for the depreciation and of course the passive income. That being said, I do not want to have my money tied up into rentals, when I could be using that money to flip houses. This is why I am trying to work with the BRRRR strategy, but I can't seem to find a property where this actually works. When I look at a property initially, I make sure that the property will satisfy both the 1% rule and the 50% rule, after refinancing the property for what I have in it. Once that happens, I dig into the numbers and calculate all my expenses to include, CapEx, repairs and maintenance, vacancy, insurance, property management, taxes, HOA and other misc expenses that my be associated with the property. Each time I do this, my expenses blow the 50% rule out the water (expenses are usually twice as much or more) and the 1% rule looks more like a 1.5% rule and thats just to make $100 per door. Of course, I always hear people say things like they buy houses for 75% to 80% of the value of the home, in order to buy a home that cash flows, but with rents in the areas I have been looking in, you would have to purchase and rehab the home for close to 50% of the homes value.

Let me give you an example for a 1200 sqft, 3 bed/2bath home.

Home is worth 100k with a maximum refinance of 80k with a LTV of 80%

If I am lucky, I can purchase and rehab a house with an AVR of 100K, for around 75k (which as a flip, would yield me around 10K profit).

I can then rent this property for around 850, which satisfies the 1% rule.

But here are my calculated monthly expenses for a property like this

$200 For CapEx (which I calculate based on the age and replacement cost of each major item, not just some random number or %)

  $22 For repairs and maintenance at 5% of rent

  $68 For vacancy at 8% of rent

$438 For mortgage. 30 Year Amortization, 5.75% interest

  $70 For insurance

  $85 For Property Management at 10%

$110 For Property Taxes

Total Expenses: $1013, which is over 100% of the mortgage. 

So basically, I would have to rent the property for around 1200 (which is about $350 above what the market can bear in these areas), in order to get $100 cash flow per door.

Am I doing something wrong? Am I just looking in the wrong areas? It's kinda driving me nuts, because I feel like I am doing the math right, until I get to the end . . . I should also note that these properties are in areas that are good for buy and hold rentals, according to investors on this forum.

I think you are right and others are just fooling themselves.

Fir one thing, the "50% rule" does NOT include debt service; principal and interest payments come out of the other "half".

I commend you for having a generous reserve fund. I suggest you try to use Freddie Mac form 998 or Fannie Mae form 216 to calculate your reserve fund needs - see link below. And a bit later in that same thread I posted on how to get the expected life of the various pieces to be replaced.

https://www.biggerpockets.com/forums/432/topics/86...

Some other thoughts: the principal component of the mortgage payment, although cash out of your pocket, sort of goes back into your pocket. And you can use the accumulated reserve funds to lend to the flipping activity.

Originally posted by @Steve Babiak :

Fir one thing, the "50% rule" does NOT include debt service; principal and interest payments come out of the other "half".

I commend you for having a generous reserve fund. I suggest you try to use Freddie Mac form 998 or Fannie Mae form 216 to calculate your reserve fund needs - see link below. And a bit later in that same thread I posted on how to get the expected life of the various pieces to be replaced.

https://www.biggerpockets.com/forums/432/topics/86...

Some other thoughts: the principal component of the mortgage payment, although cash out of your pocket, sort of goes back into your pocket. And you can use the accumulated reserve funds to lend to the flipping activity.

Thank you for that resource. For my capex, I have been using the chart in this article to determine the lifetime of these items. 

https://www.biggerpockets.com/renewsblog/2015/10/1...

Of course the replacement cost I can figure out my own based on my experience with flipping houses.

Ok, so I did have the 50% rule wrong. 50% of the rent is supposed to be the expenses not including principal and interest. I was taking 50% of the mortgage for some reason.

https://www.biggerpockets.com/blogs/4454/32123-wha...

Even so, the 50% Rule still doesn't quite work with these properties. At best I would break even if the 50% rule was accurate for these properties.

@Dean I. - I see that you do not yet have a clear understanding of the "50% rule". EDIT - this was written while the post above was also being posted, so that last post is more like "50% rule".

There have been studies that show the expenses for a rental total up to approximately 50% of fair market rent (not mortgage). In that total of expenses, CapEx (reserves) are included, and debt service is excluded (because some pay in cash thus no debt). So your "50% rule" cash flow calculation looks something like:

CF = (FM_rent / 2) - PI

But if you have actual expenses that you can use, then the cash flow calculation looks like:

CF = FM_rent - expenses - PI

So try adjusting your formulas accordingly.

I had the same issue. I was looking EVERWHERE, meaning the whole U.S. and couldn't understand how to refinance and still cashflow sufficiently. I'm still a noob so take everything I say with a grain of salt. Anyway, the deal I just did does fit the BRRRR strategy, we will get all of our money out and cashflow after PITI and expenses just over $200 a month. But we got a killer deal, did all the work ourselves, and self manage. I feel like a person needs to purchase a property for half off retail, or where rents are over the 1% rule, maybe both honestly. Good luck! Maybe keep flipping since it seems to work well for you.

@Dean I. , can you share those assumed capital expenses / replacement times? $200/m allowance seems excessive (whereas, $22/m for every other repair seems too low)!

You wrote: "At best I would break even if the 50% rule was accurate for these properties". But be reminded: you'd have zero (BRRRRR) dollars in the deal anyway, and your tenants are effectively paying down your debt. You'd then own 100% of the property, at zero cost to you!

ie. Why concern yourself with high BRRRR cash flow, when you already have other income?

ie. BRRRR is geared to set you up for retirement riches, not immediate ones. Cheers...

Originally posted by @Dean I. :

Home is worth 100k with a maximum refinance of 80k with a LTV of 80%. If I am lucky, I can purchase and rehab a house with an AVR of 100K, for around 75k (which as a flip, would yield me around 10K profit).

In your example,  you purchase and rehab for a total investment of $75K, then refinance for $80K.  It appears that you have none of your own money in the deal, and even have an extra 5K in your pocket from a cash-out refinance.  Your positive cashflow (no matter the amount) after the cash out refinance is an infinite cash-on-cash return.  I don't see the problem.  What am I missing? 

BRRRR is destined to preserve capital while accumulation properties.

If you get anywhere near the 1% AFTER BRRRR-ing that's a home run.

I'm having a tough time finding BRRRR properties at 75% all in in the Indy market.

If you are finding properties that definitely hit 75% after refi'ing and clear $50-$75 I'd probably compensate you for those leads. 

@Ernesto Hernandez I’m trying to find properties for the BRRRR strategy here in Indy as well, and I’m running into the same issues. I’ve been thinking that I’ve been doing something wrong with my calculations the entire time since I’ve been so far off and don’t even come close to cash flowing positive rent money after refinancing. I don’t know if it’s just the sign of the market we’re in and how crazy home prices have skyrocketed, or what the deal is.

@Chad Lamb Unfortunately for me, I have no intentions of doing the work or managing the property, which is going to make it that much harder. Glad to hear you found a property that works for you though. Good luck on your REI journey!

@Brent Coombs  

Capital ExpenseTotal Replacement CostLifespan (years)Cost per YearCost per Month
Roof$4,00030$133$11.11
Water Heater$60010$60$5.00
All Appliances$1,40010$140$11.67
Driveway/Parking Lot$5,00030$167$13.89
HVAC$2,50020$125$10.42
Flooring$2,30010$230$19.17
Plumbing$3,00015$200$16.67
Windows$3,60040$90$7.50
Paint$2,0005$400$33.33
Cabinets/Counters$3,00012$250$20.83
Structure (foundation, framing)$10,00015$667$55.56
Landscaping$01$0$0.00
TOTAL$37,400$2,462$205.14

That is just from one property that I looked at. I took into account the age of the property as well as anything I was going to replace. 

I get the fact that others are paying down my debt, but the fact is, I want to make a little something while they are paying down my debt. Also, others are obviously making the BRRRR strategy work for them (they are making a little bit of cash flow) so why can't I?

@Dave Toelkes Sorry for the confusion, I was simply stating that I could at most, refinance for 80k, but I only planned on refinancing for what I had into the property, which would be 75K, excluding closing costs, etc. I also get that my ROI is essentially infinite, but that is not my main concern. Sure, I do want my ROI to be infinite, but I also want some cash flow. An infinite RIO of $100 per door is much better than an infinite ROI of $1 per door. Now, if I got 5k out of the property and still managed to cash flow positively at all, that wouldn't be so bad, but with these numbers, I am bleeding over $150 a month, without taking out the extra 5k.

@Chad Meyer Well at least it's not just me. 

I have read others getting decent cash flow from BRRRR on the forums and of course @Brandon Turner gives an example of a fictional property making $370 cash flow a month. When I first read that, I thought to myself, "there is no way!" In his example, the ARV was 100k, he refinanced it for 80k and the rent was $1150, giving him a positive cash flow of $370. I know that this example was just fictional, but I am guessing he wouldn't give an example unless it was at least somewhat plausible. A property like this around the areas I have been looking at, wouldn't rent for more than $800 to $900 a month. I do notice that in his example, his CapEx is only 5% of his rent (which is about $150 less than my CapEx), but I don't know how he would come up with that number. I mean, I get giving a lower % CapEx for properties where everything is brand new (Especially if you are just going to sell it again in a few years before things start breaking down), but when you completely break down CapEx numbers, I can't get it that low. Maybe that is what I am missing though? I am not planning on holding on to these properties for longer than 3 to 5 years. Eventually after I accumulate enough of them, I plan on selling them and doing a 1031 exchange for something larger like an apartment complex. So maybe I can justify a lower CapEx, so long as whatever is on the house is either new or has at least 5 to 10 years of life left in it. But if that is the case, what would a safe number for CapEx be?

@Chad Meyer good hearing from you. 

A true 75% all in BRRRR in Indy is getting tough. I'd say 2-3 years ago they were everywhere gauging from some local Bay Area guys I know who have been in Indy for about that long. Now, 80-85% LTV is more like it. However, even if I leave 10k in a deal and clear $300 a month in cash flow. That Cash on Cash plus depreciation is still an extremely solid investment thanks to the power of Cash.

I've had a hard time with wholesalers. Some of them have little deal flow. Some have steady deal flow but when I compare their estimated ARV versus comps on Zillow for the past 6 months within 2 miles, I feel like their is some dishonesty at play.

I have a realtor with some construction background currently picking through a list of properties from an investor who wants to unload a few at a time but I think only 1 or 2 might be a good value play. 

I love Indy. You can still buy 1% rule at retail all day long but the BRRRR is getting tighter.

Hopefully soon. Fingers crossed. 

@Dean I. , thanks for that breakdown. On the whole, I reckon those numbers regarding lifespan are too conservative. Why would the structure need $10k spent on it every 15 years? Cabinets only last 12? Flooring: 10? Perhaps a looming $5k Driveway expense might be the eventual reason you decide to sell (rather than allowing for its replacement)? I don't consider Paint a cap ex; I reckon that should a repair. [Anyone, if that's wrong by definition, please let me know].

Oh, I just noticed that you are "not planning on holding on to these properties for longer than 3 to 5 years"! Huh?  In which case, why are you allowing hardly any dollars for cap ex? ie. Add any immediate cap ex as part of your purchase/project price. [Not official tax advice]. 

Your BRRRR cash flow just made a major positive leap, right? Cheers...

@Brent Coombs I was basing those lifespan figures on this article here

https://www.biggerpockets.com/renewsblog/2015/10/1...

I basically took the age of the property and the condition of the components and subtracted it from the typical lifespan (according to this article), to come up with the remaining life of those components. I did add a few years to the flooring since I am going with LVT instead of carpet. I am also going to check out the resource that Steve posted and compare the two. 

But even if I drop CapEx to 5% of the rent ($43), I would still have a negative cashflow of $6. Also, the repairs expense should have been $43 (not $22) at 5% of the rent. Not sure how that got messed up.

yeah this is about what my deals look like, and I'm killing it.

what's the problem?

75K all in for 100K arv - you just made 25K

75K loan means you have zero invested = $1200 a year for free

You're also not accounting for amortization, appreciation, equity gain, or tax benefits.

you're accounting for too much Capex when you just refinished the property.

by the time you really start having major Capex again will you be able to raise rents?

you keep saying 50% rule but, is that what your normal expense ratio is? mine is more like 45%. (with PM)

What if you vacancy or maintenance is low?

You're banking on all worst case scenarios, then complaining it only makes you a **** ton of money, not a double **** ton.

That greed will keep you from making ANY money if you try to make every unit a homerun. you don't need homeruns, you need 50 singles.

 

@Dean I. I do't know your market, so all I can share is my own experience. All my houses were built in the late 1970's to early 1980's, so they are all around 40 years old. They all still have original drive ways. One has an original roof. One has original HVAC. All have original cabinets. I did analysis on one of my properties and over 15 years I spent 10% of rents on CAPEX. That is higher than the 5% that people talk about, but everything was original when I purchased the home. I purchased in 2003 and it was 20 years old. I will probably sell the home within the next 10 years, because there is no reason to hold a property once tax depreciation runs out. I will have to do some painting and carpet over the next ten years, but all the major stuff will be good, so my average CAPEX over 25 year ownership will probably be around 8%.

Based on my experience your CAPEX is too high. If you are holding it 3-5 years, I would plug in 5%. Holding it 25 years and I would use 8-10%. Your vacancy at 8% seems high too. Most tenants stay three years or more, so even if you have two months vacancy after 3 years, that is only 5%. Insurance at $840 a year seems really high. I have replacement coverage on properties worth $180K and I am paying well under $400 (not in a flood zone). I think your cash flow will be closer to $100 for the property. That is with $0 into the deal, which is excellent. You may spend one hour a month dealing with the property, so $100 for an hour of time isn't bad.

Of course that is only cash flow, so just one aspect of rental property income. That ignores the other advantages of buy and hold real estate. Tax advantages, mortgage pay down, property appreciation, rent appreciation, etc.

The property I used in the previous CAPEX example was purchased in 2003 for $100K and is now paid off and worth $190K. My initial cash into the deal was $10K. On top of that, the monthly rents are $1275 (they were $895 when I purchased in 2003). I am clearing $1000 every month with no payment. I could take the cash out for other deals, but instead I chose to bank the cash flow to build up down payments.

You are looking at buy and hold like you do flips, as a short game. In my experience buy and hold is a long game. In a flip profit is a one time thing, but buy-and-hold has multiple income streams. The best part is the tax advantages. I can earn $10K income on a rental property and not pay a dime of taxes. If your plan is only to hold for 3-5 years, I would stick to flips.

@Alexander Felice

I think you are completely miss-understanding the situation . . . 

First let me state that currently, I have no rentals. Up to this point, I have only been flipping houses. So I don't know what actual expenses are, which is one of the reasons why I am posting here.

I understand that I am automatically gaining equity in the property, which is great. Also, if you read my original post again, you will see that I am accounting for tax benefits, which is actually one of the main reasons why I am trying to purchase rental properties. However, even with the equity and tax benefits, I would like to have some cashflow after accounting for all expenses (current or future). 

But unless you throw out the CapEx and the repairs and maintenance expense and drop the vacancy rate to 6%, I don't see how you are making $100 a month like you suggest.

You say that I am accounting for too much CapEx, but from everything I have read, that is the one area that most investors don't account enough for.

Again, I do not have any rentals at this moment, so I cannot tell you what my actual expenses are. But what I can tell you is that I don't want to throw the CapEx and repairs expense out the window, only to throw all my cashflow out the window once a major expense comes up. Granted, if I only hold on to these properties for 3 to 5 years, then I can see justifying a smaller amount of CapEx, but I cannot just completely getting rid of it in the name of cashflow.

Then there is this statement, which is just completely wrong and insulting. 

"You're banking on all worst case scenarios, then complaining it only makes you a **** ton of money, not a double **** ton.

That greed will keep you from making ANY money if you try to make every unit a homerun. you don't need homeruns, you need 50 singles."

I am not complaining that I am making a crap ton of money instead of making a double crap ton of money. In fact, I am not complaining at all. What I am trying to understand is why I am not making any cash flow after I do all the math. This has nothing to do with greed. I am a businessman and I don't go into any deal unless the numbers work and right now, the numbers don't work. 

So rather than insulting me, maybe you can be more specific on how your numbers work and why mine don't. I am just trying figure out what I am doing wrong, so I don't get myself into a bad deal.

@Joe Splitrock

Thank you for taking the time to thoroughly read through the posts and thoroughly answer my question.

This does help give me some perspective, especially since you are giving me real life examples of long term buy and hold properties. 

I do plan on having long term buy and hold properties, but my initial goal is to 1031x up to apartment complexes, which will be my long term holds. In the mean time, I want to enjoy the tax benefits and passive income that comes with rentals, while I work towards that goal. From my understanding the BRRRR strategy should allow me to do that, while also allow me to reinvest my cash back into more rentals or flips.

Again, thank you for taking the time to read through this thread and respond to my question.

Originally posted by @Dean I. :

@Alexander Felice

I think you are completely miss-understanding the situation . . . 

First let me state that currently, I have no rentals. Up to this point, I have only been flipping houses. So I don't know what actual expenses are, which is one of the reasons why I am posting here.

I understand that I am automatically gaining equity in the property, which is great. Also, if you read my original post again, you will see that I am accounting for tax benefits, which is actually one of the main reasons why I am trying to purchase rental properties. However, even with the equity and tax benefits, I would like to have some cashflow after accounting for all expenses (current or future). 

But unless you throw out the CapEx and the repairs and maintenance expense and drop the vacancy rate to 6%, I don't see how you are making $100 a month like you suggest.

You say that I am accounting for too much CapEx, but from everything I have read, that is the one area that most investors don't account enough for.

Again, I do not have any rentals at this moment, so I cannot tell you what my actual expenses are. But what I can tell you is that I don't want to throw the CapEx and repairs expense out the window, only to throw all my cashflow out the window once a major expense comes up. Granted, if I only hold on to these properties for 3 to 5 years, then I can see justifying a smaller amount of CapEx, but I cannot just completely getting rid of it in the name of cashflow.

Then there is this statement, which is just completely wrong and insulting. 

"You're banking on all worst case scenarios, then complaining it only makes you a **** ton of money, not a double **** ton.

That greed will keep you from making ANY money if you try to make every unit a homerun. you don't need homeruns, you need 50 singles."

I am not complaining that I am making a crap ton of money instead of making a double crap ton of money. In fact, I am not complaining at all. What I am trying to understand is why I am not making any cash flow after I do all the math. This has nothing to do with greed. I am a businessman and I don't go into any deal unless the numbers work and right now, the numbers don't work. 

So rather than insulting me, maybe you can be more specific on how your numbers work and why mine don't. I am just trying figure out what I am doing wrong, so I don't get myself into a bad deal.

 Dean, not insulting you at all. I'm just kind of a pain in the *** to deal with, I assure it's not personal at all. Also, my brand of tough-love-charm is lost through the internet ;)

I know you keep looking at it as $100 per month, but in reality it'll probably be more. maybe less, but probably more. we both know it won't be exactly $100 each month right? so what will it be?

if you figure a 50% expense ratio, and you make $100/month. some years you'll have less vacancy, some years you'll have more, many years you'll have none. Some years you'll have zero capex, some months you'll have no maintenance.

I believe I understand your gripe, I had the same one when I started. $100 a month is both not enough spread to live on, nor does it make an enticing investment. What I found though is that the real driver for my success hasn't been squeezing out $200/month out of a rental rather than $100....the key is to get a lot of them. Regardless if you're at $100 or $300 a month, neither will make you rich, the goal is to accumulate more.

This seems to be a good deal, it's not a knockout, but it's good. it's profitable, and you'll have to sink NOTHING into it. As soon as this one closes and refi you can go grab another. I just did a BRRRR from closing on the house to refi 100% of my funds in 8.5 WEEKS, if I spend my time trying to squeeze units to the max, I slow down too much.

I want to encourage you to think about the whole picture. Would you be cool with 10 houses with 25K equity each, infinite return on investment, and all your capital, but only $100/month each?

and remember, you're going to get better. The first house is a stumbling step, just getting your feet wet. This is WAY better than my first deal so I know it can be a great deal for you and catapult you to the next.

This is just my opinion, but BRRRR is a method to get capital out of property so you could reinvest in more properties. You do this while in the accumulation stage to grow so you're not really worried about cash flow as much as you would in the future.

Once you are done accumulating enough to hit your goals, then it's time to pay them off either naturally with profits or selling the less performing ones. Watch your cash flow rise now. 

This helps you grow much faster than waiting for your cash flow to grow enough to buy the next property so you're sacrificing cash flow now for more growth. 

I also agree with others that your CAPEX is very high considering you would have just rehabbed the property.

@Alexander Felice

. . . My issue is not that $100 not enough, my issue is that I can't even break even when doing the math (mostly because of CapEx) . . . I would be completely satisfied with around $100 a month. I understand that this is a numbers game and that the more doors you own, the more passive income you will have. I also get that we are dealing with the law of averages. Some months, expenses will be very little, while other months they will be a lot. As you already know, I am looking in the Fayetteville area for rentals, but the properties I have looked at, look like the example I gave in the first post. Here is a break down of one property I was looking at in Fayetteville. This is the same example from the first post, but I have decreased the CapEx, Repairs and Vacancy to 5% of the rent.

1200sqft SFH

3 bed/2 bath

Rent$850.00
CapEx 5%$42.50
Repairs 5%$42.50
Vacancy 5%$42.50
Mortgage$437.68
Insurance$67.00
HOA$0.00
Property Management$85.00
Property Taxes$110.00
Total Expenses$827.18
Cash Flow$22.82

So, even if I decrease the CapEx, Repairs and Vacancy to 5% of the rent, I'm only cash flowing $23 a month. It was also suggested that maybe my insurance is high, so I have emailed some insurance companies for quotes. But even if I can save a few dollars there, it probably wont break $50 cash flow. I would love to know how you cash flow $100 a month on a property worth $100k, that rents for $850 a month, when you have a $75k mortgage. Maybe you are getting higher rents? Maybe you are investing in an area with lower property taxes?

EDIT: As I am typing this response, I got an insurance quote for $33 less than what I was originally quoted, BUT the deductible is 10k. This would get me to a cash flow of $55 a month. Not sure if the trade off is worth it though. Even so, not quite $100 cash flow that I am looking for.

@Chris Ayers

I totally get that. I guess my thing is that I have read that others are getting decent cashflow from the BRRRR strategy, so why would I also not shoot for the same thing?

The general consensus seems to be that my CapEx is the main problem, which I get. I just have a feeling that @Brandon Turner may not agree lol.

Originally posted by @Dean I. :

@Alexander Felice

. . . My issue is not that $100 not enough, my issue is that I can't even break even when doing the math (mostly because of CapEx) . . . I would be completely satisfied with around $100 a month. I understand that this is a numbers game and that the more doors you own, the more passive income you will have. I also get that we are dealing with the law of averages. Some months, expenses will be very little, while other months they will be a lot. As you already know, I am looking in the Fayetteville area for rentals, but the properties I have looked at, look like the example I gave in the first post. Here is a break down of one property I was looking at in Fayetteville. This is the same example from the first post, but I have decreased the CapEx, Repairs and Vacancy to 5% of the rent.

1200sqft SFH

3 bed/2 bath

Rent$850.00
CapEx 5%$42.50
Repairs 5%$42.50
Vacancy 5%$42.50
Mortgage$437.68
Insurance$67.00
HOA$0.00
Property Management$85.00
Property Taxes$110.00
Total Expenses$827.18
Cash Flow$22.82

So, even if I decrease the CapEx, Repairs and Vacancy to 5% of the rent, I'm only cash flowing $23 a month. It was also suggested that maybe my insurance is high, so I have emailed some insurance companies for quotes. But even if I can save a few dollars there, it probably wont break $50 cash flow. I would love to know how you cash flow $100 a month on a property worth $100k, that rents for $850 a month, when you have a $75k mortgage. Maybe you are getting higher rents? Maybe you are investing in an area with lower property taxes?

EDIT: As I am typing this response, I got an insurance quote for $33 less than what I was originally quoted, BUT the deductible is 10k. This would get me to a cash flow of $55 a month. Not sure if the trade off is worth it though. Even so, not quite $100 cash flow that I am looking for.

 Dean I did not make the connection to your name to our PM conversation LOL

Fayetteville properties are definitely getting tighter, but you can do better than this, I'm sure I can help you find something.

look, the margins are close to what you're saying. if you take 850 @ 45% expense ratio you're close to the money. your property taxes should be a bit lower than than (not much), and your vacancy (if you use the guy I recommended) will be damn near ZILCH. I haven't had more than 10 days vacant across any property in years.

I really think the real world numbers will favor you, I think you'll be able to find a tad better deal, and competition in that town is heating up, interest rates are rising. You're gonna have to run a tight ship to make profit and grow, but the deal you're showing is a bit high but marginal for that area. Not much is gonna change in that regard.

@Alexander Felice

So in your opinion, If I use the PM you suggested and I get my vacancy lower and find a property with lower property taxes, I will get closer to $100 a month on similar properties? I just want to make sure I an understanding you correctly.

Thank you for taking your time to respond BTW.

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