I am completely new to this but is there anyone out there who owns property that you rent out? For example, a house with 3 or 4 apartments in it or a whole house that you own and rent out.
I imagine there is a lot of money to be made in this. I have never done this before but I am thinking of getting into it. Working 5 days a week 9-5 and just getting buy, sucks. It would be nice to have an extra, steady, income besides my regular 40 hours a week.

 

My parents rent out a couple houses they own. For the most part it works great for them, but its kind of a pain in the ass when you have to go fix stuff for them or if they want to be an ass and try and not pay their rent. I guess just like everything else it has its ups and downs.

 

Yeah those are the first two problems that come to mind when I considered getting into renting.

 

Send a PM to Scot. He knows the business well.

 

If you live close to a College or University, post an add with the school, off-campus housing is really big... I am living in a rented basement apartment (3 bedrooms so 3 people) for around $400 a person with utilities so there's a lot of money to be made from renting out property...

 

[QUOTE]Originally posted by EvoVII
[B]If you live close to a College or University, post an add with the school, off-campus housing is really big... I am living in a rented basement apartment (3 bedrooms so 3 people) for around $400

 

Rule #1.
Choose your tenants very carefully. Once they are in, you play hell getting them out. Before you let them in, stand them on their heads and shake. Credit reports Etc. Get a large of a deposit as possible. You will probably need it.

 

ya, usually ask for first and last month's rent, or a deposit, and also some type of lease term (8 months, 12 months) so they are obliged to stay for a certain period of time as the contract states... If you have no lease term than they can leave at any time, which isn't good..

 

i just bought "property management for dummies" good reading it has lots of usefull info.

 

I own some multi-familes. 15 fours and 1 six to be exact, with another 6 sixs under construction. Total will be 98 units when finished. Can be very profitable, but it is not just sitting back collecting rent, believe me.