- What are some hidden costs associated with purchasing unimproved land, such as property taxes, closing costs, or financing fees?

Way too much stress to do it yourself and there are a lot of hidden costs.

The only time it gets dicey is when its the ultra rich because yes they can spend the $ to keep it hidden. 

That, combined with hidden repairs combined with self-managing a low income could all construe to thousands in losses. 

Make sure there are no automatic renewals or hidden fees that could catch you off guard.

Almost bid on a place that, from what I heard, had a hidden easement issue.

Monthly Expenses: I’m accounting for rent, utilities, and cleaning supplies, but are there other hidden costs I should consider?

Yes, the reality is that this information should not be hidden.

Here’s the quick-and-dirty lowdown to get you started:1️⃣ Where to Look:LoopNet & Crexi: Good for commercial deals, though the best ones go fast.MLS (Multiple Listing Service): Access through a realtor for hidden gems.Auction Sites: Think Auction.com or HUD homes for distressed properties.Direct Mail Campaigns: Target landlords with older properties (especially those with code violations).2️⃣ Systems for Finding Deals (Step-by-Step):Set Your Criteria: Market, budget, unit count, rehab level.Build a Deal Funnel: Use LoopNet, Crexi, wholesalers, auctions, and brokers.Analyze Quickly: Use a property calculator to see if it cash flows.Direct Outreach: Contact sellers or property managers directly.Get Your Network Tight: Property managers, realtors, contractors—they’ll drop the best leads.3️⃣ What Makes a Good Deal:Cash Flow Positive from Day 1.Below Market Value (usually needs rehab).Upside Potential: Think rent increases, better management, or refinancing options.4️⃣ How to Become the Better/Best:Study the Market Like a Hawk.

Purchase price: $260,000 Cash invested: $52,000 This gem of a condo caught my eye, despite the fact that I traditionally believed condos weren't as great an investment as single family homes.