We still own this property, but we have: 1) leased to market rent, 2) successfully implemented RUBS to save roughly $3,000/year, 3) Reduced vacancy/bad debt from pre-acquisition T-12 of 15% to less than 4%.

Purchase price: $307,000 Cash invested: $118,000 Purchased in January 2021, we successfully renovated the interior and exterior of this home that resulted in a premier vacation rental property.

This can lead to more opportunities and partnerships.Market Understanding: As a property manager, you'll gain a deeper understanding of the local market, which can be invaluable when you start acquiring your own properties.Steady Income Stream: Property management can provide a consistent income, which can be particularly beneficial in the early stages of your real estate venture.Skill Development: You'll develop a range of skills from customer service to maintenance oversight, which are crucial for successful property ownership.Brand Recognition: Establishing a presence as a reliable property management company can boost your reputation, making it easier to attract tenants and investors when you start acquiring properties.Cons:Time Commitment: Property management can be time-consuming, especially if you're dealing with multiple properties or demanding clients.Regulatory Compliance: Staying compliant with local laws and regulations requires diligence and can be complex.Conflict Resolution: Dealing with tenant issues and conflicts is an inevitable part of property management and can sometimes be challenging.Financial Risk: There are financial risks involved, including late payments or damage to properties.Market Fluctuations: The property market can be unpredictable, affecting both rental income and property values.Overall, starting with a property management company can be a smart way to enter the real estate space, especially in an area with a clear need for such services.

However, the price fluctuates like stocks, so you may sell for more or less than your purchase price.REIT share prices can increase or decrease based on market demand, real estate trends, and the REIT’s performance.

Since you're aiming to purchase a multi-family property in Long Island, especially with the help of a capital partner, it’s crucial to run the numbers carefully (rental income vs expenses) to ensure you’re set up for success. 

Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.

Finally, there are digital nomads and some theater performers who need to stay for more than 30 days.

They even have a value add less than performing a garage conversion.  

This team will be instrumental in your success.

One of the things many say is that you must intend to perform on a purchase agreement or it could be fraud which is BS.