This proactive approach has made a significant difference in maintaining positive cash flow and ensuring long-term success in my investments.Key Lesson #5: Build a Strong Network Finally, I wish I had focused on building a network of real estate professionals earlier in my journey.

Properties like this interest me because of their cheap price and fairly high rents.

The decision would be based on the income situation, so I'm not worried about violating fair housing laws.Lesson learned...

That person is now a licensed broker and has done fairly well but I dont think the training worked long term for him.

This is fairly standard in the Westchester area given most homes are 100+ years old and the building code / inspectors didn't really come to power until the 70s or 80s.Likely your real estate agent will note the issues. 

They are at 7 and 9 years so far.)My PM pays for themselves in too many ways…I don’t face any fair housing violations because I’m not keeping up on monthly changes local, state and federalThey take care of advertising, showing, rent collection, charging late fees.

In a former life this was fairly common but I would have it paid to escrow and then credited off my origination fee, if that makes sense.

Here is what one of my 4 AIs say:The commission structure detailed in the image for a real estate transaction involving a property valued between $30M and $40M is as follows:Under $34,000,000: 1% (0.50% per side)$34,000,000 - $34,999,999: $400,000 ($200,000 per side)$35,000,000 and above: $500,000 ($250,000 per side)To evaluate whether these commissions are fair for a 112-unit apartment complex valued between $30M and $40M, let's compare them to typical real estate commission rates for large commercial properties:Typical Commission Rates:For commercial real estate transactions, commissions generally range from 1% to 3% for properties valued above $10M.

At this point, we are three years in, and have learned that you sometimes have to have thick skin (grit) in dealing with tenants, managers, and RV site visitors; while maintaining a sense of humor and humility.

When operators mention employer names or area amenities, they should look at where their actually tenants work and pitch that vs just big name companies whose employees might not ever live in the building.They always pitch no capital calls, but will be interesting to see how investors fair after inhouse loans will be paid off to the properties they needed to do that with.