Any one own rental property?

I'm a realtor and helped a few clients buy commercial and residential properties for lease. It's crucial to get a good tenant. It's better to let the property be vacant than to rent out to a bad tenant out of desperation. Get a credit report along with references, and perhaps a guarantor if it is a college student.
 
Originally Posted by Dirtylicious

..conventional wisdom is never be an out of state landlord.
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why not?
a friend of mine paid 50k cash for a home down in palm bay florida, it needed cleaning and some minor work done. spent about 15k more
took him a while to find a tenant but he found a good family. single mother who worked for a bank with 2 daughters and everything is going fine now.
some small issues arrived before the tenant moved in. some people stole the a/c unit and appliances. he's out of state is the reason why but the insurance took care of that.
 
Originally Posted by DunkNForce

For the people already into it, can we get some good websites to learn more about this?
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Can we bring this thread back please.
 
Originally Posted by tim teufel

my brother bought a investment property in rego park 3 fam for 210k back in 97 did minor work to it and took a 15 year loan on it. ended up selling it for 950k damn bastard 
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doing it right, fambs is...
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pimp.gif
 
Really would love some good websites that talk about rental property. Or a fantasy/simulator game like the stock market games I see sometimes, etc.
 
How much $ would 1 need to realistically get started? For those who didn't inherit any properties, how much $ did you first invest in a property?
 
In my experience do not and i repeat DO NOT become an out of state rental property owner unless you have a very good property management company. When I was 22 I bought a house in SC after I graduated college and got my first job. Well 8 months later I was laid off, and about 2 months later I moved to Louisiana for another job. Instead of selling the home for a big loss, I rented it out. Worst Idea ever. I used a property management company who was charging me 15% of the monthly rent. Little did I know that 15% didnt provide me with anything. The people trashed my house and stole a lot of things(even my 6ft latter). My carpets were beyond repair, as well as the paint on the wall. In addition, they moved out way before their lease was up and did not notify anyone. I ended up having to spend about 5 grand to fix my place up, and thank God I was able to find another job in SC and moved back in. But my house doesnt seem the same, I find little things all the time they destroyed. I would advise against it, if you are living out of state!
 
My dad does. Bought a piece of land for 600k back in 95, and market value is over 7 million now. Last tenant filed for bankruptcy, so dealing with that kind of stuff is a headache.
 
Originally Posted by MyJaysGetRocked

My dad does. Bought a piece of land for 600k back in 95, and market value is over 7 million now. Last tenant filed for bankruptcy, so dealing with that kind of stuff is a headache.
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Wow, that's a heck of a rise in value in 17 years.
 
Pops owns about 20 properties and he seems to be doing well. Definitely thinking about owning some rental property in the future.
 
I property for my pops. Usually stuff that's up for auction. I get college students to do the research. You will be amazed at how little instant cash college students will work for.
 
In. For those saying don't go out of state. Do you do routine checkups on your property? If so, how does that work?
 
anyone have any good resources for learning more about this?

I found a ton of artices on investopedia.com other than that i havent found much
 
mom/I have 3

i live in one right now, basically why my rent is split in half

we have one in NY and Alabama, those are the out of state ones an we use a property management company

i made a thread a long time ago about real estate but it failed, we are part of a group called the insiders edge, an a couple other groups.

just got into real estate this year.
 
Does Time-Share count as rental property?
My mom owns time share in Myrtle Beach, Orlando, Miami, and Aruba
 
Originally Posted by Al Audi

mom/I have 3

i live in one right now, basically why my rent is split in half

we have one in NY and Alabama, those are the out of state ones an we use a property management company

i made a thread a long time ago about real estate but it failed, we are part of a group called the insiders edge, an a couple other groups.

just got into real estate this year.
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Would definitely like ot hear more about it. How much of a learning curve was required to be up to speed? Any websites I need to check for. Im planning on going down to the JC and finding a class or two. Any info is appreciated.
 
Originally Posted by asianplayer

 Had bad residents before too that ran off when they couldn't pay the rent. 
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 I did that back in July at this one apartment in Long Beach....The landlord was a douche....and they didnt have my name on it or credit on the line so *Kanye shrug*
 
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