The most common mistake I see from people when they first start out is they think it is Rental Income – Mortgage = Profit. There is A LOT more to it than that. You will get burned and lose a lot of money if you don’t understand all the costs associated with owning rental property.
In today’s video we see that even the most experienced forget that. I also discuss all the expenses we need to look for and give a live example of running numbers on a property in the Boston area.
Please be diligent when running your numbers. Many people buy bad deals because they don’t account for all the expenses or project too high of rents.