I am often asked this question:  "What is my biggest financial risk in buying/owning a short-term rental property?"

I am grateful to any kind people here that can give me any insight on how I can make decisions that can benefit me financially. 

You will get credit for their usage and should have a nice score by the time you turn 18.Take Dave Ramsey's Financial Peace University.

I'll just add, that if you've done these types of deals or similar deals before, having accurate and up-to-date financials (aka bookkeeping records) for those previous deals to be able to analyze the numbers would be a great tool to use to make informed decisions about future deals.And, even if you haven't done deals like this before, keeping updated financials for the deal you're doing is going to be huge as you're making decisions throughout the rehab.We call these data-driven decisions.

I'm particularly passionate about Rental income, Real Estate Financial Analysis, Probate and pre-Foreclosure Investing.Outside of real estate, I enjoy tennis, chess and stock investing.Excited to learn and connect with you all!

The property I started renting in October 2024 was actually inherited from my mother, so it holds both financial and sentimental value for me.

You could agree to raise the property price by some percentage of the repair and finance it into your mortgage to avoid taking the financial hit in cash if you are financing the purchase.

Hi Randy,The reason small apartment buildings haven’t seen the same price drops as larger properties comes down to a few key factors: 1031 exchange buyers inflating bids, strong demand for limited supply, and sellers holding firm on prices since they’re not under financial distress.

We're still a ways off doing any transactions, and when we do I can probably figure out the basic financials on my own.

Plan is so that he can retire and him and my Mom can be financially secure on rental income while my sister and I manage the properties in the trust.