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When you estimate monthly expenses you don’t have to include insurance.CorrectIncorrect
When calculating the monthly income for a property, you need to estimate:CorrectIncorrect
Take a look at this example of a basic lease strategy on a home with a monthly lease of $7,500. On the expense side, the total expenses are $9,900.
On the income side, the final TOTAL EXPENSES are $10,407.45. What does the final number include that is not included in the expenses calculated before knowing the revenue?CorrectIncorrect
Based on your comp search, you estimate that a home you are interested in could demand $900 per night on average. However, when you talk to a short-term rental specialist about it, she suggests it could rent at $1000 per night on average.
What should you do?
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.
This response will be awarded full points automatically, but it will be reviewed and possibly adjusted after submission.
My suggestion is use the lower number to be conservative and the higher number will be used only to bring to help adjust or any discrepancies for future average costs. Remember the more conservative you are, the better off you will be when you realize higher profits.
The earlier Done-For-You example shows the monthly cash flow to the homeowner is $3,329. This money:CorrectIncorrect