Which I also would tell you that if you have trouble managing finances and poor credit I strongly advise against real estate as its capital intensive and if you struggle now managing money having more money and real estate only exacerbates that issue.

Over time, rents may increase, improving your cash flow, and you’ll gain equity and valuable experience managing tenants and property operations.

Even if you manage to find an office with an existing tenant, their lease could be approaching expiration, and without plans to renew, it can take an incredibly long time to secure a new tenant for the space.

We managed to bring the property down in price, overcome objections, and navigate the eviction battle, and in the end, it paid off.The key takeaway here is that if you’re a true cash buyer who can work with private lenders, you can survive long, drawn-out processes like this.

For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

Turning the management of the rental over to a property manager can relive a lot of these issues.

You are probably better off going with one that has a branch you can visit and get to know the management.

Your reserves should be part of the expense calculation: PITI, maintenance, capex, vacancy, property management, etc.

The way that I have done this in Costa Rica has been to bring in several partners on a high end luxury property who would like to own a part of a property that they can use and enjoy but that they don’t have to manage by themselves.Each of the properties that I own are at a million or higher or will be soon. 

Taxes, maintenance, vacancies, management are all different on each property.