I have a typical mortgage - 5.375% ARM, with $1400 a month payments. I want to turn my house into a rental property, and get some income from it. How would you recommend I do that? Creative solutions welcome. The local rental market is around $800-1300 a month. I could reasonably expect to get about $1000 for my house a month.
2006-11-28 02:17:17 · 2 answers · asked by Christopher B 6 in Business & Finance ➔ Renting & Real Estate
First, get out of that ARM!!!!
You can get fixed 30 yrs at or below 6.75% right now. Yes, that's higher than what you're paying right now, but lower than what you'll re-fi at in two years when you really will be hurting.
If you're in San Antonio, then you've noticed that we had a wave of investors come in. This did two things. 1 - Drove prices of newer homes up pretty quickly. 2 - Drove prices of rentals down quickly.
Your mortgage is $1,400 and it could rent for $1,000. You're probably correct. This price range is for buying and living in, not for owning as an investment.
"Money makers" more often than not, come in neighborhoods that you'd rather not put your family into.
2006-11-28 04:24:14 · answer #1 · answered by teran_realtor 7 · 1⤊ 0⤋
You could rent out rooms and do nothing more in the legal field just make sure you have some ins to protect you from renters falling etc.
2006-11-28 02:21:07 · answer #2 · answered by Gypsy Gal 6 · 0⤊ 0⤋