I do know of some people who will collude with a tenant to increase rent (e.g. once you find out they are on section 8, you agree with the tenant you will charge her $900/month, instead of the advertised $800/month.)

Over piad top heavy administration is the real probelm, 120 Kfor a guy who is in charge of parking and grounds maintenance at a state college.

You're money did a bit of the work, but most of the profit was probably through not charging for your labor.Year 2, you gained more knowledge in the industry and got a raise on your time and earned a good ROI.At the end of year 3, the amount you can earn on your labor stops growing so quickly, so it is very hard to double 500k.

Hedge funds, after all, charge 2 and 20 and still make their investors a healthy return.The main thing to be concerned with here, with this or any investment, is if you are considering all of the costs of the investment and if you are allocating risk properly.

If you start paying utilities, the 50% rule no longer applies. ...Others have tried to state that, only to be told otherwise:http://www.biggerpockets.com/forums/88/topics/37271-need-expert-advise-on-this-figureData I saw that justified the 50% rule showed 55% expenses when including utilities.. which makes some sense...If you're charging $600 for rent and utilities cost $150... you're cash flowing $300 or 50%... now if you include those $150 in utilities, you're still cash flow $300 but now on $750 which is 40%, 60% of your income is going to expenses.Unless you're charging the tenant $2 for every $1 of utilities you expect to pay for them, the 50% rule can't hold... simple math.

I did not move forward because he was charging fees up front that was my first real picture of yet another fake lender.

So if I get repeated calls from neighbors about noise or parties, it becomes a management issue and charge $25 for taking a call and giving notice to the tenants to correct such neighborly conduct, if they don't pay it with the rent, then they are in default and that can lead to eviction.

This includes shooting, retouching, and digital deliverables.If you are good, I'm sure you can charge $200+.

Statistics show that tenants use up to 40% more water when they do not pay for it.Your options are usually to:1.Have the total rent include water,sewer,and trash.2.Sub meter out the units from the water company if they allow it3.Prorate the amount of water usage for the building an bill each tenant.4.Have a company bill them instead of you.5.Have a private company install meters which is cheaper and they bill the tenant for what they use.This avenue you are still responsible to pay the water to the city/county even if you bill the tenant and they do not pay.On lower income housing I see about 60 to 65% pay their water you bill them for every month and the rest you have to chase for the money.You have to pay the water company regardless.The other factor is tenants will let friends was cars with the outside spigot,take showers,do their laundry,etc. and the tenants will also usually not report leaks or drippy faucets as they do not pay for the water.Another thing to look out for is what does the city/county charge for water and sewer rates.If you research a county you might find they have upped the water rates by 50% in the last 6 years.So one county using 1,000 gallons costs you 100 and in another county it costs you 56.You have to really look at how old the water and sewer system is for the city/county etc. and look at all the costs.I can tell you water is the talk of the town with buyers of multifamily.It can just crush your bottom line.

The concept that you can charge more by serving a niche inside of a niche is truely a profitable idea no matter what you do with it.In addition to checking out Nick's ideas and innovations, allow yourself to find other REI area to use his "approach".Best to you