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Bought a foreclosure in 2016 from BOA that had been empty for 2 years. Spent a year putting it back together. On the second set of tenants. Did everything cash, no mortgage. As previously mentioned, insurance & taxes eat up a lot of the margin. Works out to about 5 months months of rent for costs & 7 months rent for profit. Every extra dime gets saved for future purchases or major repairs.
In process of buying second one right now. We'll see how #2 goes.
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