Finally, work with your lender to assess the financials thoroughly before jumping in.

Do to the state mandates that require 100% reserves in all categories, combined with the rising cost of their neighborhood insurance policy, my strong recommendation is you find out what further anticipated spikes in association dues & if any possible special assessments are looming.

A reserve is unnecessary, but I still keep around $15,000 - $20,000 in my account.The point is, that you should sit down and assess your finances to determine what the worst-case scenario may look like, how much you would need to cover it without impacting your life, and whether you will need to build a reserve.

Quote from @Lee Banks: Hi my name is Lee I'm looking too buy my first rental property and but I feel as if I need a mentor to watch, I still need to learn the basics of real-estate does anyone in New York do programs or mentorships and where would you start if you first started real-estate today  Hello Lee,I'd recommend looking up local meetups here on BP, meetup.com and, eventbrite.You can also call around to speak with RE investors and professionals in your target market to begin making connections.With so much available information online, I'd recommend speaking to a few people and doing independent research before committing to mentorships.

If you can find comps that support a lower assessed value, it's worth trying to appeal.

I believe it is completely reasonable to have a clause in your lease that places a cap on utilities with any overage (proven by a bill) being the responsibility of the resident.Our clause states that any electrical bill (we don't have gas, and water has never been a problem) that is over double the same month's bill from last year will have the overage assigned as a fee.It is important to keep your bookkeeping straight if you do assess a fee.

There will be no assessment for increase in taxes or insurance so remains at $1935.

That’s when working with a CPA isn’t just about "getting it right"—it’s about proactively reducing your tax liability and setting yourself up for long-term financial success.TurboTax and basic tax preparers like H&R Block handle what's in front of them.

@Lawrence MitchellIt’s great that you’ve built a basic understanding of real estate investing!

Growing demand for rentals in neighborhoods like Midtown and Corktown provides consistent cash flow, and government incentives such as Opportunity Zones further enhance the investment climate.To add my perspective, it’s important to conduct thorough market research and assess trends carefully.