If these type of damages occur in the future, I would recommend holding the tenants deposit, or if there is a claim to be made through the insurance you sell them you could approach that avenue.

Both properties have a substantial amount of equity that’s essentially sitting idle.Would it be a good idea to tap into this equity (through a HELOC, cash-out refinance, etc.) to fund future fix-and-flip projects or purchase additional rental properties?

Hello everyone, I purchased my home two years ago, and currently, I have a tenant renting a room for $800, which helps cover my mortgage. This was my first property, and while it's been a great learning experience, I ...

Hoping" for me was never a strategy as the future is unpredictable.I hoped my $480,000 condo in Chicago would appreciate and it didn't move since 2018.My tenant a crypto exec has been paying me $3,000 in rent on the 28th of each month like clockwork for 5 years now.No capex, no issues at all and that has been a breeze.3% ROI isn't sexy enough to me tho 🤷‍♂️I'd probably be cheering right now if it moved up in value but it's been a dead deal in my eyes.But it is what it is.The numbers in a deal TODAY per se don't rely on hope and are a more predictable outcome.Granted, the numbers need to be "worked" and a more "hands on" approach is needed in such markets.Thanks Hi Engelo, you have been doing this for a long time and I know you have the skills and tenacity to manage high-cash-flow properties, but you have to admit, you are working hard for your cash flow, this is not passive at all.

So I look at it as more than just helping the individual person I look at it as helping anyone who would read that question in the future too. 

It’s so mental but if you have stuffed feelings of hatred against the successful people you see you actually are also going to judge your future self for becoming successful and likely sabotage it before you get there. 

The bottom line is that past performance is no indication of future returns.

I have a wife and 3 kids and the weight of their futures on my back.

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My strategy for the foreseeable future is 'buy and hold' with long-term tenants.