Million Dollar Question: what is a great rental property

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What is great rental property in terms of ingredients for example:

What is a good Cash on Cash Percentage?

What is a good Cap Rate?

What are key characteristics of a good property? (your expenses should never be this percentage of your income)

Explain the 1% rule?

There is no such thing as good, great, or bad with any of the numbers. Everyone has different risk tolerances and goals, and the risk of every property, market, and class is different. 

When we try to classify things as best and worst in this arena, inevitably prople think higher proforma cash flows are good, when they are in fact neither good or bad. They are a reflection of the risk of the market, property, class, and tenant base. 

Instead people should focus on what types of properties fit their goals and risk tolerance.

You have to evaluate your current position and goals, and then crunch the numbers to see what will get you where you want to be.

My father-in-law invested in real estate. He bought houses for cash and sat on them. I kept trying to convince him to leverage his money and get better returns but he refused to listen. He passed away two years ago, leaving his wife with six rentals and no mortgages, no personal mortgage, no car loans, no debt. She makes $6,000 a month from those investments and not only lives comfortably, she is able to travel every couple months to see kids/grandkids, take vacations, or do whatever she wants AND she is still saving money every month.

My goals were not his goals. His goals were not wrong. Do what works for you.