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28 February 2024 | 130 replies
More CF (per door) adds a cushion because things will happen (unexpected costs).
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27 February 2024 | 26 replies
Another has had the electrical wires in the house 'recycled' to the extent that the electrical meter and main connection wire was removed to prevent a fire if turned on by accident or bypassed by the squatters.
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26 February 2024 | 50 replies
If you lose your job, or have a big, unexpected expense come along, you don't want to be selling those investments at a bad time, or scrambling to refi.
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24 February 2024 | 1 reply
-always plan for unexpected expenses-attention to detail can emensly increase ARV.
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23 February 2024 | 3 replies
I will share my "Most Expensive Lesson" in the comments.To kick things off, here are ten examples of expensive lessons or mistakes in real estate investing:Underestimated Repairs: The classic pitfall where the cost of repairs and renovations far exceeds initial estimates, impacting the overall budget and profitability.Tax Liens: Failing to account for or being unaware of existing tax liens on a property can result in unexpected financial burdens.Contractor Liens: Not settling payments or disputes with contractors can lead to liens against your property, complicating sales or refinancing.HOA Fines: Overlooking or violating Homeowners Association (HOA) rules can lead to significant fines and headaches.Bad Loan Products: Opting for loan products without fully understanding their terms can lead to unfavorable financial conditions, such as higher interest rates or unfavorable repayment terms.Ignoring Zoning Laws: Investing in a property without a clear understanding of local zoning laws may restrict its use, affecting your investment strategy.Overpaying for a Property: Lack of research or getting caught in a bidding war can result in paying much more than the property's worth.Neglecting Due Diligence: Skipping thorough inspections and background checks can uncover unpleasant surprises after the purchase is finalized.Poor Tenant Screening: Failing to properly screen tenants can lead to unpaid rent, property damage, and costly evictions.Underestimating Market Risk: Not considering market fluctuations can lead to investments that don't pay off as expected, especially in volatile or declining markets.We've all been there in one way or another, facing setbacks that seemed daunting at the time.
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23 February 2024 | 26 replies
Not only that, but an all debt deal is just a terrible idea for a first timer as it won’t cash flow with today’s rates and the first unexpected expense slams you into begging mode.Save, save, save.
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23 February 2024 | 21 replies
Getting your Real Estate license is a great idea for flipping houses you will be able to save 2.5-3% when you buy (if listed on MLS) but definitely when you sell which is a nice added cushion in case unexpected expenses come up especially when starting out!
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27 February 2024 | 2053 replies
Hi Joe,Thanks for letting me know, I sent you a message again today and I haven't done anything to block so won't be able to unblock, let me try to send you a new message hope it resolves the issue.thanksLook in the upper right corner of one of your messages to me and see if you may have accidently clicked on the link that says "block" me.
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23 February 2024 | 35 replies
also the garage .. its not impossible to find that setup but it is more rare. it pulls -$50 per car spot off the rent or -$100 with no garage. that's accounted for with the rental comp.As far as the rear access being make or break im asking you guys on that one. that's the part im not sure about. its an otherwise great deal except these cost cutting measures by the builder. i didn't notice this before walking it yesterdayIm afraid im falling in love with the numbers and these weird things with the property will attract a lessor tenant than i want to deal with and ill be stuck in a nightmare property like i hear about people falling into on accident because they thought the numbers on paper were so much better but the property was crap and nobody wanted it . that's what im afraid of i guess.i did do extensive research on this particular neighborhood so i am familiar with the stats and boots on ground type as i live pretty close about 30 min .
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21 February 2024 | 10 replies
Stay financially disciplined and plan for unexpected expenses.