"expect my insurance goes up', 'hope the property value will increase', 'hoping for fewer problems', A business is not build on hopes and expecting.Build a budget, is the expected return more than your required return?

Everyone has been scared the crazy state was never going to put a budget together and eventually the schools were going to have to shut down because they had no money coming in.So this may very well be a good time to buy as some landlords in college towns may have seen a decrease in vacancy and might be spooked. 

We've got an OLD - low-budget chat available on the site at: chat, but if there's more interest, perhaps we need to look at taking it to the next level . . .Anyone else?

Budget willing to spend 1500-1800 month.

Let's explore some effective approaches for managing investment properties:With a Property Manager:Screening and Selecting Tenants: Entrust your property manager to handle tenant screening, background checks, and selection, ensuring reliable renters for your investment.Rent Collection: Property managers can ensure timely rent collection and handle any late payments or lease violations professionally.Maintenance and Repairs: Delegate routine maintenance tasks and repairs to your property manager, who can coordinate with contractors and vendors to keep your property in top condition.Tenant Relations: Property managers serve as the primary point of contact for tenants, addressing their concerns and ensuring a positive rental experience.Lease Enforcement and Evictions: Trust your property manager to enforce lease terms and handle the eviction process if necessary, following legal procedures.Financial Management: Property managers can handle financial tasks such as budgeting, accounting, and financial reporting, providing you with regular updates on property performance.Without a Property Manager:Self-Management: Take on the responsibility of managing the property yourself, handling tasks such as advertising vacancies, screening tenants, and collecting rent.Outsourcing Specific Tasks: While not hiring a full-time property manager, consider outsourcing tasks like maintenance and repairs to trusted contractors or service providers.Utilizing Technology: Leverage property management software and online platforms to streamline processes such as rent collection, lease management, and maintenance requests.Establishing Clear Policies: Set clear policies and procedures for tenants regarding rent payments, maintenance requests, and lease terms to minimize conflicts and misunderstandings.Regular Inspections: Conduct regular inspections of the property to identify maintenance issues or lease violations early on and address them promptly.Building Relationships: Maintain open communication and positive relationships with tenants to foster a sense of community and encourage better care of the property.Whether you choose to hire a property manager or manage the property yourself, effective communication, attention to detail, and a proactive approach to property management are key to maximizing returns and maintaining the value of your investment.

Emergency life situations I would keep a 15-20k credit card empty or LOC, with a payment you have already factored in to your monthly budget. 

If you want to a short term rental, I'd say your budget is getting close to enough to have a great one IF you're willing to do work on it but likely should save up a little more regardless. 

Lastly, develop a clear business plan outlining your renovation budget, project timeline, and profit targets.

Make sure you have a good idea of who is traveling to your area and why and what their typical budget is.

Approximate purchase price of $650-$850k with a construction budget of $1.0-$1.5m depending on total unit count.