What are the common expenses in property management?
Common expenses include maintenance, property taxes, insurance, utilities, and management fees.
How can I reduce these expenses?
You can reduce expenses by negotiating contracts, performing regular maintenance, and using energy-efficient systems.
What percentage of rent should I allocate for expenses?
It's typical to allocate around 30-50% of rent for expenses, but it can vary based on property type and location.
Are there any unexpected expenses I should be aware of?
Yes, unexpected expenses can include emergency repairs, legal fees, and vacancy costs.
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