I can't emphasize this enough: it is absolutely crucial that you hire an agent or manager who knows the area before buying a student property here.

Hi Michael,Finding the right CPA is crucial for managing your investments effectively.

Obviously, a good team will be crucial for you since you'll be investing out of state.

@Christian HwangTo be successful in flipping properties out of state, it's crucial to build a strong team.

It's crucial to evaluate how the deal performs with the new mortgage:Updated Financials After Refinancing: Market Value: $250,000 Mortgage Amount (80% LTV): $200,000 Equity: $50,000 Interest Rate: 5% (30-Year Amortization) Assuming after 12months the rate will drop from 6% to 5%Monthly Expenses: Mortgage Payment: $1,074 Property Tax: $260 (4% Adjustment from last year) Utilities: $309 (+3% Adjustment) Insurance: $104 (+4% Adjustment) Vacancy: $105 Repairs & Maintenance: $105 (now after 12 months we can assume we have repairs at 5% factor on annual rent) Total Monthly Expenses: $1,957Rent Income after 12 months assuming annual rent increase at 5% : $2,100Cash Flow: $143 per month 😊Year 2 Return on investment $2,951 Principal Paydown year 2 $20,000 Property Appreciation (assuming 8% per year) $1,720 Yearly Cash Flow (this will increase as rents rise) $50,000 Initial Equity Total Gain $74,671 with just $ $22,789 remaining in the deal. 

Absolutely, creating a baseline business plan is a crucial step when starting in real estate (or any field) because it provides clarity, direction, and a strategic foundation for your efforts. 

Managing money might not seem as exciting as closing deals, but it’s one of the most crucial aspects of running a successful real estate business.

If you’re aiming for 3 months, having a reliable team and the right lenders in place will be crucial to keeping things on track.More about how DSCRs support BRRRR refis: https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...

Only an investment team can provide the crucial local knowledge you need.Moreover, you'll need various resources to find, validate, inspect, renovate, and manage a property.

Avoid areas with high vacancy rates or declining property values, often concentrated in certain inner-city neighborhoods.Since you’re out of state, building a local team is crucial.