2006-12-28 12:29:20 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
More than money and ambition are required. Renting property is a risky business that will try your patience. I would suggest that you learn a lot about it before getting your feet wet. Are you going to actively participate in the running of the property? Or is this going to be a passive activity? It is an excellent way to shelter other income. Being a landlord is like having another job and you are on call at all times. People will use and abuse you so you have to be capable of good choices for tenants, Before you decide you can make money at this, realistically figure your income (including vacancies) and expenses (can you do it or do you need to hire someone) plus your insurance, taxes, and morgage payment. I find that I am in it for the equity. I have a short term note and will soon own the property and will at last have some profit to spend. Anything you cannot repair be sure you have someone for hire that will go over immediately and fix it so gather a crew about you. Go learn about taxes and all the laws that apply to rentals. Do I reccommend it? Yes, especially if you can figure out how to make it work for you. It is an excellent way to retire early with $.
2006-12-28 12:59:02 · answer #1 · answered by towanda 7 · 0⤊ 0⤋
It requires a certain mentality and attitude to be a landlord. You can do it if you are willing. I've made my living for 16 years doing it. Wait to buy property for a few morer months. Study the area, the rents, property values.
2006-12-28 12:32:55 · answer #2 · answered by sm4125 3 · 0⤊ 0⤋
Interesting question...Okay here is a idea for your consideration. Obtain all the books you can about Mr Donald Trump. In his books; He methodically details how he went about buidling his real esatate empire esp the time he owed 900 billion dollars to banks from around the world in 1991. How he got out this mess is one out of many,many priceless wisdom you will from reading the books. I wish you Great Fortune and Luck!!! :) Cheers Up!!
2006-12-28 12:37:41 · answer #3 · answered by albere64 2 · 0⤊ 1⤋
about 500/1 in your favor. The laws and judges always back the landlord so if you have the underhanded mentality its hard to fail.
2006-12-28 12:32:08 · answer #4 · answered by your_name_here 3 · 0⤊ 1⤋
yep location is important
if you buy a dump in a cheap neighborhood that is who is going to rent...
buy in a good location you get renters.. that can afford and want something of quality and stay longer and pay..and can pay..
you get family's they want to stay so.. the children finish a school year..
3 bedroom units/2 bath..you get family's and they want to stay for the school term and can usually pay..
now be prepared for your best renter to take your fridge/stove/washer/dryer when he leaves...
maybe they won't...but "fair warning"
2006-12-28 12:40:26 · answer #5 · answered by m2 5 · 0⤊ 0⤋
it depends what price you buy the property for and how much you rent it for check out this database for good deals. I bought 8 from this site.
http://calihomes.blogspot.com
2006-12-28 12:50:10 · answer #6 · answered by hkjlh h 1 · 0⤊ 0⤋
You could probably do it if you have the brain for it. It's not all about the money trust me!
Good Luck! I be looking for your name!
2006-12-28 12:37:52 · answer #7 · answered by Kat 2 · 0⤊ 1⤋