To be honest, this may be a tiny bit above what I thought the house was worth, but if overpaying by a couple thousand dollars to acquire a new rental was what it took, then I was fine with it, as he was going to be financing the deal for me.

I actually am saving the tiny amounts of money i I have now, to get books focusing on being a landlord and managing rental property’s.

The back room currently does not have a closet and the front room has a tiny closet.

Lots of factors to consider :)Good luck!

@Pedro Bartolomei It depends on a lot of factors, one thing in my state with a minimum of $800 annual fee for each LLC, having one per property starts adding up to quite a bit where for the price of one of the LLCs or so you can get tons of liability coverage and umbrella policy.Regardless, having proper insurance is important because it is probably more likely getting into a car accident and sued than having a tenant sue . when something like the first scenario happens it wont matter if you have 1 LLC or dozens.  

I then look at the asset to determine if it meets the qualifications which is a more indepth analysis such as equity, existing leins, tax situation, location, deferred maintenance, DSCR and many other factors.

An efficiency created from a tiny storage area that brings in $450/month. 

Each year we set aside the money we also factored in an inflation rate of 2-3%.

Is it better to factor in my construction costs into the Hard Money OR use the cash I’ve set aside towards construction?

Is it better to factor in my construction costs into the Hard Money OR use the cash I’ve set aside towards construction?