Thinking about buying house and putting it for rent.

  • Posted by a hidden member.
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    May 10, 2010 12:14 AM GMT
    I'm considering buying a house and putting it for rent for the life of the mortgage...
    Thoughts? Are any of you jockers doing this?

  • May 10, 2010 12:26 AM GMT
    Many people have done this and successfully make good monthly income. The key is to get the right tennant(s) I had a few properties that I rented out and it took a few mistakes to get it right. It is important that you do background check, financially checks and other as if you are "marrying" this person. LOL
    For the property, you want to have nice stuff, but not super expensive stuff depending on the rent. If you are handy, then you do not have to pay for others to do the "fixings" If you are not, I would recommend that you look into property management companies that charge you a % of the rent each month (5-7%) You still have to pay for fixing costs, but they handle all the callings and other admin stuff. Right now is a great time to buy, but it is not an easy money making scheme as many people think. Good luck and let me know if I have not answered your questions.
  • rnch

    Posts: 11524

    May 10, 2010 12:36 AM GMT
    a rental property manager is the stress free way to go.

    for 10% of the rent my manager of my rental double does the following: advertises the house, shows the house, does background checks on the applicants, collects the rent, takes care of any minor maintanience below $50.00, advises me on what to pay and who to use for repairs, gives me monthly rental income/profit/loss statements..and most importantly, SHE GIVES ME RENTAL MONEY EVERY MONTH!! icon_biggrin.gif

    SHE deals with all these unreasonable, painus-in-the-anus people. i had no idea how contrary, demanding and unbelieveably demanding rental tenents can be!! how she keeps her sanity is beyond me! icon_redface.gif
  • Posted by a hidden member.
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    May 10, 2010 1:24 AM GMT
    rnch saida rental property manager is the stress free way to go.

    for 10% of the rent my manager of my rental double does the following: advertises the house, shows the house, does background checks on the applicants, collects the rent, takes care of any minor maintanience below $50.00, advises me on what to pay and who to use for repairs, gives me monthly rental income/profit/loss statements..and most importantly, SHE GIVES ME RENTAL MONEY EVERY MONTH!! icon_biggrin.gif

    SHE deals with all these unreasonable, painus-in-the-anus people. i had no idea how contrary, demanding and unbelieveably demanding rental tenents can be!! how she keeps her sanity is beyond me! icon_redface.gif

    ^this^

    Also do not rent to friends or family members.
  • rnch

    Posts: 11524

    May 10, 2010 1:26 AM GMT
    dustin_K_tx said.....Also do not rent to friends or family members.


    yup! Family will Fuck you Financially before strangers will. icon_cry.gif
  • Posted by a hidden member.
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    May 10, 2010 2:17 AM GMT
    Thanks heaps guys. This is such great advice!!