Ultimately leverage will become a necessity to grow our business to the point where we can step back and reap the rewards of our labors and let others thrive.

I would love advice and tips on what’s a necessity prior to my purchase.Things like how much “blow” money should I have if I face evictions or have hidden repairs that may come up, should I see an accountant that specializes in working with real estate investors prior to my purchase, would it be smart to buy a property that already has occupants, etc..??

Then you dropped the price out of necessity.

From a rental perspective, I feel that overhead lights would be a convenience and not a necessity.

@rachel leonard - shared housing at our level has been around for a bit but mostly out of necessity in very expensive housing markets like NYC, LA and the sort where even couch crashing can be expensive.

I posted it on Facebook Marketplace as well as Zillow rental manager, and realized the absolute necessity for systems to be able to corral all of the potential renters that reach out and funnel them down a single file path and pre qualify along the way.

So far as real estate investing goes, using an agent is, in fact, a personal preference and not at all a necessity.

But as others have mentioned, if the Cashflow isn't a necessity upfront (but typically an IRR Investment Property will give you large cashflow in later years), then it is difficult for someone who needs the Cashflow NOW to invest in IRR Investments. 

All of a sudden, it became very apparent to what degree these were a luxury, as opposed to a necessity.

These are often contractors looking for work out of necessity (who tend to fail to deliver projects on time or on budget).