ThanksHey Komal, I moved to Columbus a few years ago (from Portland, Oregon which was super expensive) to become a full time real estate investor, and ever since, I've completed quite a lot of BRRRRs, flips, and own a successful rental portfolio here in Columbus Ohio.

After both of our expenses we ended up breaking even after some unforeseen expenses Lessons learned?

The common area is available to all and is not a factor in the allocation of expenses."

I've completed ground leases for McD in California where the dirt is very expensive and Tenants like McD are ok just leasing not owning the dirt.

My question is based on the following:lets say you put down 20% on 300K property which is 60k (plus closing costs ) and you are breaking even with you mortgage + other expenses(taxes ,management fees,...) included.

You want to work with a professional who will understand whether the rehab that you do would be required to be capitalized and depreciated over years or eligible to be expensed in the current year.Furthermore, you live in New Jersey which has one of the more complex tax laws in the country.

Having a license is cheap, being able to use your license in any meaningful way is expensive.

Is it worth it to invest in your own property in an expensive city like NYC?

Ask for a clear breakdown of costs and details about the extra expenses.

Another example where spring/fall inspections are a good idea.1) You can look for leaks and other indicators to catch problems before they get to be huge expenses.