This is the simplest method, but it also means your tenants are more likely to abuse the utilities by leaving windows open with the heat or A/C running, leaving lights on, ignoring the toilet that constantly flushes on its own, etc.3.

You want beautiful hand-rubbed clear maple cabinets in the kitchen and a sweet Japanese toilet that plays soothing music as it heats up water to wash your backside with in the bathroom.

It looks like you are planning on doing quite a bit of work to the property, but it looks like you are missing labor costs on a few items like cabinetry install, bathroom install, etc.For example, your bathrooms you only have budgeted $600 for replacing 2 vanities and 2 toilets

When we started, the second guest we had deliberately scratched and ruined all the pots and pans in the cabin. 

And yes, it may still be one of the best strategies for long-term wealth-building, but it's essential to carefully evaluate the specific market you're investing in, the numbers and do not forget the aggravation factor; tenants and toilets, as I like to refer to it.

Specifically, warning people when theyre getting in over their head or putting together a deal that is unlikely to pan out.

We rarely hear our tenant, occasionally if she slams a cabinet, and the bathrooms back up to each other so we can hear the toilet flush occasionally if we’re in the bathroom.

I have been investing for over 30 years and burnt out with handling tenants and toilets, as I like to joke.

Leaking toilets not installed properly, gaping hole in roof, holes left in siding, tile laid incorrectly which will need to be replaced, not installing the back splash properly.

If all this were to pan out, we would plan to pay off closing costs which we estimate to be roughly $12,000 - then were thinking to use remaining $22,000 to buy down the rate to around 5.75%.