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Plan for unexpected expenses and vacancies from "summary" of The Book on Rental Property Investing by Brandon Turner
As you embark on your journey as a rental property investor, it is crucial to prepare for the inevitable unexpected expenses and vacancies that may arise. These unforeseen costs and periods of vacancy can quickly eat into your profits if you are not adequately prepared. One way to plan for unexpected expenses and vacancies is to set aside a portion of your rental income each month for a rainy day fund. By consistently saving a percentage of your profits, you can build up a reserve that will help cover any unexpected costs that may come your way. This fund can also be used to cover expenses during times when your property is vacant and not generating rental income. In addi...
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