➡️ How many water heaters have been replaced in the last two years? 

I'm looking through the spreadsheet and I think it's worth mentioning that it's possible to spend a lot less for certain material items as well as labor in many cases depending on how frugal you want to beinterior door with hardware: $5-10 used, $30-50 newwindow: $10-50 used, $100-200 newlight fixtures: $1-10 used, 6 pack flushmount at lowes for $44fan fixture: $24-60 new water heater: $250 newtoilet: $50-90 newsink: $40-200 new faucet: $10-30 newtile: 0.49-2/sqft newappliance: $20-200 each appliance usedmy last rehab was:60 elec permit cost + 300 elec repair (tenant destroyed meter box causing house to be condemned)1600 material + 1500 labor flooring for 1400 sqft500 material + 600 labor spray paint whole house semigloss and patch some large holes$30 for 4 interior doors which I put in$10 mirror for bathroom$100 paint porch, stairs, and stair rail brown$50 fridge, $10 burner plates for stoveI also spent at least a few hundred with help on cleaning and taking out the trash and some other expenses here and there which altogether added up to about 5 thousand.I spent maybe 30 hours over there in total on the weekends.

I have used one for irrigation and water lines.   

Oh one more tip, ask specific questions, like who is going to not say “yeah im great with communication” , be wary of this trap too because you want the PMs to focus on doing their jobs rather than answering 20 emails from each investor each week, time is our most valuable resource please don’t take up too much of it, when you say “yes” to something you are also saying “no” to something else (opportunity costs)Questions to ask:- what is the eviction process like after COVID 19 in your city (ask for details and differences beforehand)- what are the city rental regulations, what is the process to obtain a rental license, how would you rate this city compared to surrounding cities on difficulty with this process and working with landlords- how do you handle late fees and payment plans, if a tenant calls and says they’re going to be 5-9 days late but have been on time for 6 months what is your response- if multis - how do you handle tenant conflicts- why do they work in property management and how did they get there- if you could invest in any city in the state where would you and why (I love this question because it will tell you if they know where the most profitable areas are for investors and ROIs and hidden costs)- how is water/water bills handled in this city

I wanted a community pool to reduce my liability.

In Reno, NV having an experience at the house like a yoga room, fire pit, pool table, game room, kids play room might be more appealing.

@Nathan Gesner 1) if you’re investing with a spouse make sure both are on board for self management or it will harm the relationship. 2) it’s a business, not a charity, so if you’re susceptible to hard luck stories from applicants/tenants, don’t self manage. 3) water heaters, heat and a/c, plumbing only seems to break down when you’re finally on vacation, so have good contractors in place who will go on your call and let you pay them from out of town.

Invest the Roth in a diversified pool of high-quality notes. 

With the amount of fraud out there, you cannot be surprised that everyone is checking IDs like crazy.I have a good friend that just moved into a new house and the City Water Dept wanted every form of ID you could imagine.....including his SS #.

Typically, at today's prices, to keep a house in good condition long term, you probably need to reserve about $400-500 per month for things like roof, HVAC, water heaters, new flooring every 10-15 years, new kitchens and baths every 10-15 yrs, etc.And remember, if you are looking at "high cash flow" areas (also known as lower end areas) with lower end rents, a refrigerator that goes out does not care whether you are getting $500/mo in rent or $5,000/mo, so using a percentage of rent, as commonly practiced, is not a good strategy.