BE PREPARED OUCH

Not everything is so smooth in real estate. Be prepared for tough times because not everything goes as planned. I know with us, right now we have one empty rental, we just got it on the market this week after taking a month longer then expected to rehab, so its sitting there with no income. Next we have another renter moving out at the end of this month and no one ready to go move it yet. Then we have a rehab that took a month longer and a little over budget supposed to close at the end of the month but its been bumpy during the whole negotiating and DD time and we are praying it still closes. BUT then we get the ultimate call just a few minutes ago to put the cherry on top, the renter in one of our other properties passed away this week and we now have that to deal with. The property manager called to let me know and we started talking about how we have 3 props that on July 1st are empty with no income and he said a lot of investors don't think or plan for these times. Thankfully Michelle and I are prepared for this, but it still hurts to write checks.

Do you have money to carry you over for the no payment months?

Do you have contractors ready to go once your place is vacant so the property can be rented out quicker?

Do you have money to make those repairs needed when the renter leaves?

Woohooooooooooo, I still love real estate and can see the light at the end of the tunnel as far as doing this full time.