Keep $60 000 in a savings account to cover unexpected costs and expenses while you gain a little more experience about real estate investing.Secondly, try to purchase a fourplex in a "good" neighborhood for around $150 000.

Be prepared for the unexpected.

Simple calculation - average rental period for the area and "good tenant" profile (in our case, for instance, in Japan, its 4-5 years in the singles' units we like most), take 25% off that time for unexpected downturns (or more if your area is notoriously unstable), and work out the percentage 1/2 or 1 month rent income is of that period (in our case more like 1-2 months).I think, in the vast majority of cases, and particularly if you work out how many empty months bad screening or management can cost you, you'll see there's no doubt as to the financial gain potential a good PM or tenant placer can be worth.And that's without even taking into account the personal toll of time and resources spent when you do it all yourself...

I also upgraded the windows to energy efficient windows and had to find a new window supplier after mine unexpectedly closed up shop a couple weeks before the job.

It will require new kit cab refacing/carpet in 2 and paint in all 4 (I am handy so I would do these myself to save on unexpected expenses I might have for a first time buy.)

Unexpected subfloor saturated with cat urine ..

Yep its all about the cash reserves for sure, which I plan to have a decent amount of incase something were to happen unexpectedly.

It's always good to have an appropriate amount of money in reserves for those unexpected expenses that WILL come up at some point.

I think I would be sure to take someone along as there is some safety in numbers.. especially if you come with an extra person unexpectedly.

i dont want any unexpected paper work or LAWS to pop up and affect my deal due to lack of guidence..