Wouldn't surprise me if the property is only worth the 70% the seller is taking home on day one and the 30% second becomes found money someday.

No extra excavation, or utilities or any other surprises.

Continue acquiring properties in promising markets to build your portfolio while keeping an eye on interest rates to potentially refinance your high-interest loan for better cash flow.Save capital to maintain liquidity, allowing you to act quickly when market conditions improve or unexpected expenses arise.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Crazy thing is, you'd be surprised how many BP investors cry when we do intelligent things like replacing the 1970's fixture instead of driving around to an endless amount of stores to find the parts needed to fix it.

It's definitely a frustrating part of the business, especially when you're trying to maintain cash flow and unexpected repair costs pop up.One thing I've learned is that some of the more real estate investor-focused insurance companies tend to be a bit more lenient on inspections or are more upfront about their requirements before binding the policy.

You can add a vacancy allowance in your calculations when you vet the property but you never know when something unexpected may pop up.

I'll give some beginner advice below.You should expect 25% of the sales price, plus you need some additional money set aside as a reserve to cover any surprise expenses during the purchase or within the first year.

Your lease is likely have your name on it anyways.If they are going to sue you and you go to court, I can just imagine seeing the "victim tenant" telling the judge how you misrepresented yourself to them.You will be surprised when tenants find out you are the owner.

I am constantly surprised by all the reasons people seek out midterm stays and, really, you're only limited by your creativity.