It isn't all doom and gloom. We did very well with three rental properties over the years. When the tenants are good it is like stealing money...when they are not it is hard work with an iffy ROI.
After twenty plus years I simply ran out of hydraulic fluid in my fun meter and won't ever own a rental again. But, I make Rick Lee look like a social butterfly.
Talk to some landlords in the area, find out what the tenant base is like, the market base, and a take a long look at the condition of the house, with an eye towards what is going to break.
And, please, do whatever background checks on the tenants the state allows...never, ever rent without due diligence.
Quote:
Originally Posted by cashflyer
A house in my neighborhood has come onto the market and I am considering buying it as a rental property.
Never been a landlord before. I have read plenty of horror stories here on Pelican.
Anyhow, the house was owner financed to the previous occupant who was evicted in November. The owner is two states away, retired, and says he doesn't want to f*ck with it any more. Price is attractive.
I live in the neighborhood, and feel that I could "keep an eye on it" - unlike the absentee owner did.
Some people tell me that there is a glut of renters because so many people lost their credit, and that this is a great time to own rental property.
Others would refer me back to the horror stories.
Any opinions from the Pelican trust?
|