I learned a lot about the prices for jobs around the house, etc.I also learned that if your realtor, tenant, contractor or lender is not performing at the level you want them to, do not hesitate on replacing them.Do not believe everything a person says, have them show you rather than to blindly trust what they say.

Any legal licensed agent could perform a LEGITIMATE SERVICE even if they wanted to charge a 15% listing fee.

I was wondering how the process is performed and what are good questions I should be asking.

Hello Matthew I have been appraising in Lexington for over 20 years and I can tell from experience of not only doing alot of appraisals but also having had 100's of appraisals performed on my own properties over the years not only do appraisers vary from state to state, but also from appraiser to appraiser in the same area.

After more than 9 months of searching, connecting with Realtors and crunching numbers, I found a beautiful, brand new development and pulled the trigger on my first short term rental investment property.

We had another rental property performing very well, but ended up selling after we had to deal with bad tenants and lots of damage.

If you are obtaining bank financing, the bank will more than likely want an environmental study performed, these studies can cost $1000's of dollars depending on what is discovered on the property.Is there a need for this type of property in the community?

Here is a high level breakdown of two of the risks that you are carrying1) Liquidity - you are only as liquid as the reserves that you are carrying (which includes whatever is left in your heloc) so make sure that you have enough to cover unforeseen scenarios, personal and business2) Business Risk - as an owner of real estate some of the main risks that you carry are vacancies or non-paying tenants, lower than expected rents (negative cashflow), unforeseen expenses (repairs and maintenance)I would argue that both of these are higher when you are operating at a smaller scale e.g. if you had a fire at your triplex then 60% of your portfolio would be non-performing.

That's the "beauty" of real estate.

Most of the time, this is the usual 6%-ish sort of earned commission ("success" or "earned" means they actually performed on the terms of their listing contract and actually brought a buyer for full commission, either through their own efforts, or through the efforts of a co-op/buyer's agent who earns up to 1/2 the full commission).