The biggest mistake new investors make is to walk a property, maybe explain in general terms what they want and then let the contractor come up with the SoW.For a bedroom this could be:- replace carpet- repair closet dooror- remove carpet- remove curtains, nails and screws- replace closet doors, entry door SKU#- replace window SKU#- refinish hardwood floors 144 sqft, clear/oil-based- prep and paint all woodwork- patch walls, texture, paint walls eggshell white clay, ceiling flat white- replace light fixture SKU#, replace lightswitch w decora/white, replace 3 outlets&covers- install blinds SKU#Obviously, the cost would be quite different.

For those willing to be open minded and do quality due diligence, there are great rewards to be had.Feel free to PM me for any serious debate(s), discussion or simply pointers :]

You should focus on the quality of the agent, not the amount they charge.

Another key aspect of creating generational wealth is investing in high-quality properties.

@Loan NguyenRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

A few things to keep in mind:Section 8 requires the property to pass an inspection based on HUD’s Housing Quality Standards (basically making sure it’s safe and well-maintained).The rent you charge has to align with Fair Market Rents (FMRs) in your area, so it’s good to check what similar properties are renting for.You’ll still be responsible for maintaining the property, but the upside is that a chunk of the rent is guaranteed by the government, which can provide steady income.Check with the local housing authority about any specifics for your area—every jurisdiction does things a little differently.This could be a great niche if you can find a good deal on the land and make sure your expenses (like maintenance, insurance, and occasional vacancies) are covered by the rental income.

For as much as attorney's charge, they should be able to answer this question.The deposit can be used for cleaning, repairs, and unpaid charges.

I waive escrow on all my mortgages and pay taxes/insurance with cc, put repairs on cc, etc.

This log should include:•The date of activity•The property worked on•Specific activities performedExamples of activities that typically count include approving tenants, setting lease terms, handling repairs, and other hands-on operational tasks directly related to managing the property.

Leaving you to move and store their items if required by law, clean and repair, etc etc.