My goal is to establish valuable relationships with key players in the area, including agents, property managers, and contractors.

This calculation includes depreciation deducted during income tax returns.

In Fall 2022 I bought a 3/2 (half of a duplex) in a neighborhood that’s in the early stages of up and coming, my thought was to get a rental to break even or lightly cash flow and appreciate over time as the neighborhood improved.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

For me, it was posted in 5 days including weekends so it actually took 3 working days.  

Hello everyone, anyone I have spoke to about REI in my personal life all tell me the same thing: don’t get into real estateThey are all people who have had properties themselves, have tried to rent them out and have told me horror stories of tenants and how repair costs or costs to property managers make it disadvantageous to earn profit or scaleI’m trying to invest with my spouse who is also included in these conversations.

You will need a cost segregation study done by an expert, who will break out all of the components of the building into different buckets of useful life.

Any current roadblocks including time-to rehab permits being issued, local landlord laws/trends, property tax to rent YoY trends, etc. 

However, two oversights have affected my calculations: (Both dumb mistakes I can only blame myself for)Higher-than-expected property taxes and municipal fees in University Heights compared to Cleveland proper.Overly optimistic rental income estimates.After adjusting for these factors, including property management costs and other expenses, the revised cash-on-cash return is about $12,000 annually, slightly over 5%.

I made an agreement with my supervisor that I might let it a call go to voicemail if I was involved with something but shortly thereafter I would excuse myself from the floor and go to the break room and call back the tenant that had called.