Great replies here, and thank you for sharing examples of what you have or have not done as a private landlord.I do think there is a time and place to offer concessions, just not for people like you and me that are owning/managing portfolios smaller than an apartment complex with 100's of units.

@Travis Timmons Thanks for sharing this data.

A colleague recently closed on a 12-unit property in San Antonio and shared that a 6.8% cap rate, combined with lower property taxes, made it a no-brainer.

Any wisdom to share here?

I would thank him for his feedback and share that you made a business decision that is mutually beneficial (https://www.avail.co/education/articles/should-you-collect-r...scroll down towards the bottom of the page to see the comparison) which includes providing the tenant with a receipt and rent reminders.  

Hi community,I just closed on my first investment property and it is a house hacking project. What learnings have you had that you wish you knew after closing your first deal?!

I thought it would be fun to start a thread where we can share our craziest fix-and-flip stories, biggest "oops" moments, and the golden nuggets of wisdom we've picked up along the way.

Given everything you've shared, one key thing to consider is flexibility.

Hi @Jacob Dalton,Thanks for sharing your situation—it’s clear you’ve put a lot of thought into this decision, and I can understand why you’re concerned given the challenges of being a landlord in Cook County.Screening tenants is definitely a key step, but I agree it’s not foolproof.

Happy to share a list.