Also, even if you skipped the loans and paid cash, that money’s still tied up until you get the property sold. So, while you’re not technically losing money on this property, you’re theoretically missing out on another great property until that cash is free again. Obviously, the longer you have your property, the more all these costs add up. One way to speed up the process is to ensure your contractor can start work immediately after closing. This way, you don’t waste time waiting for permits to go through and construction to start. Tip: I make a spreadsheet on every house that I buy that has an estimated monthly amount of all of my expenses listed out one by one. Label the expense, and assign a dollar amount to it. This will help you with creating your budget so that you do not overlook an expense and hurt your bottom line.
Make a plan and try to stick to it!
55
Powered by FlippingBook