To thrive in real estate investing, you must maintain a firm grip on your finances.

To thrive in real estate investing, you must maintain a firm grip on your finances.

I forgot to add that the insurance and tax is included in my mortgage of $2,005.

For liability protection, consider umbrella insurance, and ensure your accountant understands rental properties qualify for deductions without LLC ownership.

They are investors as well and have good contacts in most markets they sell properties in, insurance, property management, etc.

So most agents are only putting about half of that $12k in their pocket, and out of that $6k they have to cover all of their operating expenses: licensing fees, MLS/ Realtor Association fees, continuing education classes to stay compliant with licensing requirements, monthly "desk" fees/ technology fees to their brokerage, health insurance for themselves and their family, errors and omissions insurance (required), marketing, car, car insurance, gas, clothes, computer/ software, cell phone, closing gifts, signs, photography, staging if they offer that, etc.

Marketing, screening, collecting rent, unpaid rent, maintenance, capex, insurance, lawn care, vacancies, turnover costs, inspections, and so much more. 

My mortgage increased earlier this year as my home owners insurance went up due to the company closing and my escrow didn’t have enough to make up the difference so I’m kind of pay check to pay check right now.

Purchase price: $2,800,000 Cash invested: $560,000 The property is a three-story multi-family residential building with six independent units, initially facing significant challenges due to poor conditions.Renovation Investment Summary:- **Structural Repairs:** $250,000- **Kitchen Modernization:** $100,000- **Bathroom Updates:** $50,000- **Exterior Improvements:** $100,000- **Holding Costs:** $50,000- **Property Taxes:** $30,000- **Insurance Costs:** $10,000- **Management Services:** $10,000

I’m told taxes and insurance is lot and will rise each year and cash flow is hard to come by.