If not, the client gets charged to go get the right parts while we sit and wait for them :-)

Since it’s a new build, I was able to negotiate some great perks, like a 5.875% interest rate, no closing costs, a fridge, blinds, and even a backyard firepit.Pros:Good school districtLow interest rateMinimal CapEx and repairs (because it’s a new build)Low insuranceHigh-quality tenants (due to the school district and being a new build)Cons:Lots of new builds in the area, which could drive down prices and increase vacanciesThe Numbers:Price: $290KInterest Rate: 5.875%Down Payment: 25%Monthly Mortgage + Insurance + Taxes + HOA: $1,480 (I got really low insurance since it’s a new build and Alabama’s property taxes are low)Property Management: 10%Rent: $1,800 (this is under market because I wanted to rent it quickly—most units in the area were sitting vacant for 100+ days.

Those houses very often just sit and rot, get destroyed and turn into empty lots.

Find out what buyers are purchasing on the MLS and then try to land those listings. ( Example: Research tells you after looking on MLS that 4 bed,2 bath brick house sitting on 1 acre with a 2 car garage and a basement for 250,000 make up 75% of all sales in the area.

You should sit down with the tenant and talk this out, EYE BALL TO EYE BALL.  

However, rates have since moved upward.A 30-year fixed rate mortgage is once again sitting around 7% interest:For broader context, here’s a chart for 30-year fixed mortgage rates over the past 5 years:The real estate industry hoped 2024 would see a recovery in which mortgage rates fell and home sales climbed.

The funds that we have are sitting outside of our retirement accounts

If you are going into MF make sure you have a lot of cash sitting on the sidelines for maintenance and repairs.

Higher interest rates are keeping some buyers out of the market so properties are sometimes sitting for longer or not getting the desired price. 

Sit down with you Realtor and pose this info and questions.