Cost Side Analysis: Understanding operating expenses, capital expenditures, and strategies for effective cost management.2.

The appraisal came in at $120k where the purchase price was $78k and $22k reno cost for all-in of $100k.

Hi Nina.If I were not experienced in land lording and property manager, I would look personally to the extent you want to learn or experience property management versus hiring someone else that you trust to do the job.Yes, the cost for a property manager is important but not essential- the cost between property managers are not double or triple the cost of others (say like attorneys in some areas of law or cars). 

I expect to add to the cost of the replacement property.

I would list every single item your counting as capex, their useful remaining life and their cost that day.

We did settle on splitting the cost of one of the siding jobs, but I should have asked for a bit more.

It doesn't cost anything to attend RE meeting, introduce yourself and get contact of people who invest in properties.

How much does it cost for eviction and collection? 

My beef with the people who teach this are(1) they imply this is somehow related to real estate investing; it is not(2) they imply you can be successful with only the knowledge they teach; this is not true, you need managerial and business skills and knowledge to a degree way beyond the scope of the “training” they provide.(3) they imply you can successfully do this on a part time basis; it’s actually a full time business demanding all of your attention(4) they imply competition is limited; competition is actually fierce, except for the deals on which there is no profit.Additionally, this industry is state regulated, by the state in which the property is located.

I think there will be some additional cost to do refi and reissue of title policy.