Rashmi Bhat’s Post

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🌎 Owner & manager for the finest short term rentals | Real Estate Investor | 🥙Restauranteur | “Retired” at 28 | 🎥 YouTube: Chai & Cabins 🇮🇳 Indian Immigrant

Do not mess this up if you want to invest in real estate in 2024… ‼️ And make sure to hit save on this post! Thinking of becoming a real estate investor this year? It's a fantastic way to build wealth, but there's more to consider than just the monthly rent. Here are some hidden costs to factor in for informed decisions and success: 1. You make money when you buy real estate Ensure your property withstands tough times for maximum returns. 2. Property Management Imagine vacation time. A good short-term rental property manager handles tasks for a fee (typically 8-10% of monthly rent). Property management frees up your time, but it's optional. You can manage the property yourself, handling tenant calls and repairs. 3. Vacancy Buffer Life happens. Allocate 5-8% of monthly rent to cover vacancy periods. 4. Budgeting for Big Fixes Everything has a lifespan. Budget 3-5% of monthly rent for future major repairs. I highly recommend banking with @relayfi & using @profit first method for this. 5. Keeping Up with Small Repairs Clogged toilets, dripping faucets. Set aside 5-8% of monthly rent for ongoing maintenance. The best part about owning short term rentals is that you have professional cleaners in your property every turn so they keep an eye on these things & make sure they don't add up! Factor in ALL these expenses when analyzing potential properties! This gives you a clearer picture of the true ownership cost and helps you make smarter investment decisions. P.S. Want to learn more about real estate investing and avoid costly mistakes? Just send me a direct message with "INVEST". #cashflow #biggerpockets #lattesandleases #realestate #investing #investor #rental #rentalproperty #rentals #realestatetips #realestatemarket #realestateadvice #realestateinvesting #realestateinvestor #investinrealestate #deal #passiveincome #realestatelife #realestatetipsoftheday

Trevor Oldham

💥Helping Alternative Investment Companies Grow Their Business Through Proven Podcast Guesting Strategies | Passive Investor | Girl Dad

8mo

Investing in real estate is an exciting journey with great potential!

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