Prices a few years ago were based on expectations of (in addition to interest rates staying low): - Then current operating cost assumptions (like insurance cost expectations being flat)- A seeming disregard for record levels of new inventory / supply hitting the market- Extremely high inbound migration expectations which are likely to not be met, due to both natural disasters and the boomerang effect when people from California or the Northeast move to the American South and hate every minute of the humidity, the large and relentless swarm of insects, and the occasional hurricane. 

If you do the math, since your borrower is paying interest on interest, it raises your effective interest rate by about a point.

Real estate, like other things has a snowball effect.

@James Wise MICHIGAN UPDATE: new law went into effect January 2, that landlords can no longer discriminate on tenant income source.

With an LLC, you may be able to deduct business expenses more effectively and avoid double taxation.

I have a calculator (semi-ugly but effective excel sheet) I use to look at the numbers on all 1031 exchanges I’m considering.Let me know if you want help with the calculations

Luckily mine was zoned commercial and so the regulation didn't effect me and actually helped as it greatly reduced the supply in the market. 

I also just got this email about a renewal (only a partial quote) :Effective January 2, 2025, annual subscriptions will be priced at $179, and $129 for add-on units.

Additionally, working in a small-town market taught us how to effectively price properties for faster sales without compromising profit.

The PMS around here are pretty terrible, I've worked with a lot of the larger ones in Cleveland and I think they just take on more properties than they can effectively handle and don't hire enough additional employees to make it work.