Any idea how much in repairs it needs?

Since I couldn't move in before it was repaired, it sat unoccupied while I made repairs as well as all of the improvements I had planned on making.

I have a great maintenance man who does clean outs and repairs when a tenant moves, and acts as my eyes and ears around the park.

If you can stick to those areas, I honestly believe an individual with a full time job and a spouse that is helping can do 25 to 30 houses on their own.That is also assuming that you don't do any of the cleaning, repairs, etc.

All it would take is one big repair (roof) and/or a vacancy (3 mos plus some damage) and you'd be sitting in an awfully big hole.I've never believed that you needed to have 6 mos of reserves for every house you owned.

If you'll be using a contractor to do the work, and he goes out to the houses with you, he should be able to give you an idea of how extensive any work may be etc. and a ballpark guesstimate of the cost to repair.

The basic formula is supposed to be offer price = 70% of ARV - repairs - wholesale assignment amt (could be 5k could be 10k or more)So if you want to make 10k on a 100k house you'd contract it for 50k and sell it for 60k if it needs 10k in repairs.

We bought it in August 2012 and have been making repairs and funding it on our own.

Broken window for over 2 months that he hasn't repaired.

The leftover funds will remain in the account to be used in the future for repairs, vacancies, etc.