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thinking of purchasing some realestate to rent out
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| enferno |
a buddy of mine does this for a living and makes some good cash doing so. however, i'd just want one or two places to start with.
is there any major risks in renting out property when i have zero preference in it? the extra cash would be nice, and i know there is going to be a good bit of paperwork and hassle of getting other people/myself to maintain the place, but what are your thoughts? |
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| Sunsnail |
Ebay has really cheap houses!
no joke |
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| Marc Summers |
| commercial, residential, or industrial? |
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| Allied Nations |
| you'll be a slumlord before you know it! |
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| enferno |
| quote: | Originally posted by Marc Summers
commercial, residential, or industrial? |
residential |
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| enferno |
| quote: | Originally posted by Allied Nations
you'll be my landlord before you know it! |
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| jonSun |
| well its great if the property is paid off. but when u have to find a renter & owe a mortgage, it can be a real bitch. Im in the middle of trying to find a renter right now & cant find one. Time to run an ad. |
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| Allied Nations |
| quote: | Originally posted by enferno
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lol im too poor to live in cali |
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| Ivand |
| buy stuff in DR i can be your advisor |
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| Lilith |
I rent out 4 places, it's a handfull and I do my own books which cuts down on the real estate agent overheads, not sure if thats a good idea if you have a full time job or business already. Biggest risk really is the flat spots in between tennants where you have to soak up the cost of morgage payments for a few weeks sometimes.
Right now theres a real shortage of rental places where I live so every time someone moves out I can bump the rent up and someone will take it anyway regardless... its good being evil :D
Aside from rates, insurance and taxes its generally the safest way I've found to make 'some' money and accumulate assets which will see you far, along with a bank manager who is understanding.
In short, do it. |
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| enferno |
| quote: | Originally posted by Lilith
I rent out 4 places, it's a handfull and I do my own books which cuts down on the real estate agent overheads, not sure if thats a good idea if you have a full time job or business already. Biggest risk really is the flat spots in between tennants where you have to soak up the cost of morgage payments for a few weeks sometimes.
Right now theres a real shortage of rental places where I live so every time someone moves out I can bump the rent up and someone will take it anyway regardless... its good being evil :D
Aside from rates, insurance and taxes its generally the safest way I've found to make 'some' money and accumulate assets which will see you far, along with a bank manager who is understanding.
In short, do it. |
where i live is in a similar situation, more people are trying to move in than out.
however, i have enough cash to make it so i wont have mortgage payments |
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| tubby |
if it's your only asset it can be difficult. It's not like you can sell off part of your 1 home investment if you need some money, unlike a share portfolio. On the other hand, you are never going to lose everything on property like you could with shares. do you have the funds to cover the big potential expenses? Hot water blowing up, no tennant for a month or two?
my sister quit her job and has now got 5 houses on interest only loans. the rent more than covers all expenses, and in 5, 10 , however many years all the capital growth is hers. sounds like a great way to make her money work for her. |
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