This includes budgeting for initial investments, calculating potential returns, and having a contingency plan for unexpected expenses.Real Estate is a vast industry, and with dedication, continuous learning, and ample networking, success is within reach.

Challenges like unexpected renovation costs and tenant turnover can arise but with proper preparation and management, you can achieve great returns.

This can be a huge time and cost saver, especially if you’re managing the property remotely or using property management.Energy Efficiency: New buildings are generally more energy-efficient, which can be a selling point for tenants and lower operating costs for you.Builder Warranties: Many new builds come with warranties, providing some peace of mind for unexpected issues within the first few years.3.

So from my experience here is what you can consider: Having a reliable technician or two on standby for unexpected issues. 

Real estate can be lucrative, but it's also important to be prepared for unexpected expenses and market fluctuations.Remember, patience and perseverance are key.

As others have said, there’s plenty of way to make up this marginal cost that saves your guests the embarrassment of asking upstairs to toss down a half used roll or make an unexpected run the gas station with a dirty bum

As you may know, a good portion of your monthly rent will not go in your pocket, it will go to the constant maintenance, upkeep, repairs, taxes and the like.Fourth, ask yourself... if you have a vacancy, the economy goes in the tank, you have huge unexpected repairs, etc....will your tenants chip in to help you out?

You can take out what's left, but I suggest keeping a reserve for unexpected expenses or vacancies.Hope this helps!

YES, you will miss something and have unexpected expenses, OR you will have a bad tenant experience with damages you are not able to recover from them.

This morning the HOA on one of my properties located in Colorado Springs informed the owners of a "Special Meeting Notice" to ratify an amended 2024 HOA budget due to an unexpected high insurance renewal.