The types of inspections vary by property type and situation (and locale), but in Illinois, a licensed home inspector generally inspects the home first, and other inspections and tests (for things like lead paint, asbestos, etc.) can be ordered if revealed to be necessary by the initial inspection.Based on the outcome of inspections, buyers may elect to ask the seller for repair work, closing cost credits, or a reduction in the sale price due to flaws that were uncovered.

Since you are a property manager , you probably know the area best and already have the answer to that.Otherwise find out what the demand is for the park by running some test ads.I’d find out about the area first before I look at theboark but that’s just me.Sadly I’m not experienced enough to give a more clear answer on whether you should move forward but hoping someone else chimes in and I wish you the best.

A friend of mine has multiple rental condos in Snowshoe.

I know that multiple people in BP have used RoofSotck, could you please 1.

I could be wrong but I believe you forgot to multiple by 12 for 12 months of NOI earningsCap Rate = $1,119.67 / $210,000 = 0.533%should be $1,119.67 * 12 monthsOriginally posted by @Joe Pearson:So, color me confused.

GeoffCosts Due at Closing Points: 3% of loan (one time) [only financed at 70% of ARV]Origination Fees: $1,020 ($400 document processing + general administrative costs, $575 legal fees - preparation and review of all documents, $30 application fee (charged at closing), $15 flood certification)Appraisal Fee: $400 - $475 (paid directly to state licensed appraiser)Insurance: ARV x .45% -- (paid for 6 months in advance before you close; can choose any insurance company as long as it meets minimum requirements HML has + lists HML as mortgagee on policy)Buying Closing Costs: 1% of purchase price (title insurance + escrow fees)Outside Costs (Holding) 4 Month Flip (120 days): 2 months of construction, 1 month on market, 1 month in escrow/title; plan for 6 months Monthly payments: 1% of loan Utilities: $230/month (varies; $125 electricity, $60 water, $45 gas)Property Tax: $3,000/12 months x number of monthsRealtor fees: 4% of ARV (multiple realtors that will list for 1%)Selling Closing Costs: 1.5% of ARV---------------------------------------------------------------------------------------------Example of House:Buy at $120kRehab at $50kARV at $230kCosts Due at Closing Points: 3% of loan; financed at 70% of ARV ($230,000 x 70% = $161,000 loan) $161,000 x 3% = $4,830Origination Fees: $1,020Appraisal Fee: $475Insurance: ARV x .45% $230,000 x .45% = $1,030Buying Closing Costs: 1% of purchase price $120,000 x 1% = $1,200TOTAL CLOSING COSTS: $8,555------------Outside Costs (Holding) Monthly payments: 1% of loan $161,000 x 1% = $1,610 x 6 months = $9,660Utilities: $230 per month $230 x 6 months = $1,380Property Tax: $3,000/12 months x number of months $3,000/12 = $250 x 6 months = $1,500Realtor fees: 4% of ARV $230,000 x 4% = $9,200 Selling Closing Costs: 1.5% of ARV $230,000 x 1.5% = $3,450TOTAL HOLDING COSTS: $25,190-------------Out of Pocket Portion for Rehab: $9,000TOTAL OUT OF POCKET COSTS: $30,095TOTAL OUT COST INCLUDING REALTOR FEES AND SELLING CLOSING COST: $42,745Calculations-------------------------------------------------------------Buy at $120,000 + $33,745 (costs) + $50,000 (rehab) = $203,745Sell at $230,000 - $203,745 (costs + rehab) = $26,255 (PROFIT)Cash on Cash $26,255 (Profit) / 30,095 (Total Cash Invested) = 87 %Return on Investment $26,255 (Profit) / $203,745 (Total Spent including all cost) = 12.8%

Millionaire real estate investor examines multiple tried and true strategies for real estate investing.

I would absolutely agree with you that, selling the SF condo, to purchase multiple rentals in Las Vegas to triple the rental income is the right move. 

I am testing the market at a higher rate as some have suggested and still am getting a good response rate which would make this even better.

I also have excellent credit and about 40k in savings. my long term goal is to have multiple rental properties.