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I have 2 properties in Orange County that I rent. I borrowed against the first to buy the second. Then borrowed against them again to buy my house.
Mortgage on one is 900, mortgage on the other is 1200. They both rent for 1400.00 The second I took out costs 800.00 a month.
They pay my mortgages and my second, that I used as a down on my house. I pitch in a few hundred bucks a month to cover association costs. Taxes are impounded on them. They are condos.
They are worth about 500,000 in 6 years when paid off, and don't cost me anything.
Are you handy? that is important. Keep the place in good shape and people will stay a long time. Both of my current tenants have been there for a few years.
You can buy books on landlording, too. You might win, you might lose, but if you do you're due diligence it works out pretty good.
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