pramod
New Member
Cash: $ 1.15
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Joined: 06 Jan 2009
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| Buying rental home |
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Assess your financial requirements and goals. Do you need a steady stream of income from your rental or do you plan on selling it for a profit in a couple of years? If it's the latter, look for lower priced property that you can fix up as you rent it out.
Consider being a resident landlord by purchasing a multiunit property and living in one apartment. In many cases, the income from the other unit(s) will cover your mortgage payment, allowing you to effectively live for free. Being on-site has other advantages, including ensuring that the property is well-maintained.
Decide if you want to do maintenance yourself. If you have the skills, equipment and temperament to deal with upset tenants and a backed up toilet at 2 a.m., fine. If you plan on hiring a property manager, add about 5 percent of gross income into your calculations.
Choose the kind of property you want. Single-family houses are generally less expensive than apartment complexes because of pure size, but generate less income. Apartments, on the other hand, can require more upkeep.
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Tue Jan 06, 2009 12:02 pm |
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frdsmth9
Member
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Joined: 24 May 2009
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The idea of owning rental real estate seems to be gaining popularity as investors tire of the swoops and swoons of the stock market.
Once you've made the decision to buy rental property, your real work begins. Finding a profitable rental property usually takes time, connections and plenty of research.
Lease Purchase
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Sun May 24, 2009 2:42 pm |
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Greg Orlando
Full Member
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Joined: 07 May 2009
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Buying the rental property doesn't is not the only thing to do besides you need to use it in such a manner so that you can make the money out of it.
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Mon May 25, 2009 6:10 pm |
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johncena
New Member
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Plan on spending time and money advertising for and interviewing potential renters. Have a contingency plan in place if a unit remains vacant for a few months.
Determine what a competitive rental rate is for your property by asking rental agents what they would expect to charge, by reviewing area apartment listings, and by personally visiting units available in the neighborhood.
rent to buy
private landlord properties
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Fri May 29, 2009 8:43 am |
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Elmira Nancy
Preferred Member
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Joined: 01 Dec 2009
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You are buying a primary residence to live in. The rental only makes the property more valuable. Years ago first time home buyers always bought a two family house. The lender takes into consideration the rent money as income for you , Allowing you to make the house more affordable
TradeStation Review
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Fri Mar 05, 2010 6:44 am |
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Dannin
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Joined: 17 Mar 2010
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One thing I'd like to add the the OP from way back when is that if you live on the premises and the other tenants know you are the landlord, you they may bug you with all sorts of issues that they wouldn't bother you with if they didn't know who you were.
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Wed Mar 17, 2010 1:44 am |
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