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Topic	Anyone here own any rental properties?
Dikitain 06/29/18 3:38:46 PM #5:	thedeerzord posted... Dikitain posted... A few of my friends do (I don't actually). The biggest thing is just maintenance. Make sure when your tenant has a problem you are on top of it and fix it or send someone out to fix it. Other then that just getting rent, and putting up with the excuses your tenants will have about why they can't pay rent. Then if they don't pay rent long enough, evicting them and getting someone who will pay rent. K How many homes do they have? I've been looking at home prices, and although there are a few really cheap ones for only a few thousand, there are even more of them that are at 12,000 dollars. How much money should I have in my bank before I decide to buy and rent out a home, and how much money should I do when renevating it? Most of them just have one. However the big difference is they lived in them for a few years (fixing all of the things they would need to) before renting them out. How much you are going to spend on renovations depends on the house, what building codes the area has, etc. Also you have to keep in mind that if you are looking in a low-income area, you are going to have to deal with HUD, which while they guarantee you get most of the rent they also have stricter guidelines for what they consider "rent-able". I would say if you see a house for a few thousand, expect to spend as much if not more on renovations to make it livable. If you get one of the more expensive ones then you might be able to get away with only a few hundred in renovations. Again, it all depends on house condition and what the requirements are for renting in your area. --- I am a senior software engineer. If you see me post here, I am tired of writing TPS reports. <cite>Dikitain posted [p:904198396] in Anyone her... [t:76762253]...</cite> <quote><cite>thedeerzord posted...</cite> <quote><cite>Dikitain posted...</cite> <quote>A few of my friends do (I don't actually). The biggest thing is just maintenance. Make sure when your tenant has a problem you are on top of it and fix it or send someone out to fix it. Other then that just getting rent, and putting up with the excuses your tenants will have about why they can't pay rent. Then if they don't pay rent long enough, evicting them and getting someone who will pay rent.</quote> K How many homes do they have? I've been looking at home prices, and although there are a few really cheap ones for only a few thousand, there are even more of them that are at 12,000 dollars. How much money should I have in my bank before I decide to buy and rent out a home, and how much money should I do when renevating it?</quote> Most of them just have one. However the big difference is they lived in them for a few years (fixing all of the things they would need to) before renting them out. How much you are going to spend on renovations depends on the house, what building codes the area has, etc. Also you have to keep in mind that if you are looking in a low-income area, you are going to have to deal with HUD, which while they guarantee you get most of the rent they also have stricter guidelines for what they consider "rent-able". I would say if you see a house for a few thousand, expect to spend as much if not more on renovations to make it livable. If you get one of the more expensive ones then you might be able to get away with only a few hundred in renovations. Again, it all depends on house condition and what the requirements are for renting in your area. --- I am a senior software engineer. If you see me post here, I am tired of writing TPS reports.</quote> ... Copied to Clipboard!
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