"If you extrapolate that out, $100 a month is literally $1,200 a year. If you have one bad thing — like a roof go out — there goes your entire profit," Heiner said.
But the key is to have multiple properties in different areas making you passive income each month. Not only will this bring in more money, but it will limit the risk of the investment. Though many investors turn away from property management because of the typical 8% to 10% service charge, a property manager is a must-have for any serious investor, Hills added.
The property flippers and wholesalers are operating on a much shorter timeline, usually a year or less. He also emphasized speed, adding that it has the secondary effect of insulating a seller from broad market gyrations. "I created this routine where I get up every day and I do these rituals," Bess Freedman, the CEO of Brown Harris Stevens,"It's kept me positive. It's kept me focused. You have to do it if you're going to be able to survive this successfully."
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