Major expenses that are often overlooked are capital expenditure repairs, roofs, hot water heaters, HVAC etc. 

Investment Info:

Single-family residence buy & hold investment in Mountain Pass.

Purchase price: $460,000

Single family, purchased near peak market 2022

What made you interested in investing...

Walkable distance to Walled Lake Beach and Michigan Air-line trail.

I only mention this because we had a toilet ruined because the tenant allowed her son to play with his Hot Wheels - in the toilet!

I also ask for referrals, I do not just choose the first one I see that has a handful of five star reviews.Tenants: As long as your screening criteria is where you want it to be (my preference is rather high), your lease agreements are rather air tight, and you keep an open line of straight forward and honest communication you should not have too many issues with your tenants.

If this is done incorrectly by a contractor without the relevant experience, licensing and insurance; it could land you in some hot water with regard to safety of your tenants, being financially liable for damage etc. 

Lots of risk of fire plus smokey air if there is a fire can cause some annoyance to guests.

Want a hot tip to save money?

Hot Damn.

When you purchase a property, you own the air rights above it.