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Buying and managing rental property as a side business........
Posted on 11/27/12 at 10:49 am
Posted on 11/27/12 at 10:49 am
Been thinking about doing this.........
What are the time requirements/week?
Is it easy to weed out people who will pay vs deadbeats by doing your due dilligence with credit checks? etc
Is it easy to weed out people who are more likely to trash your property and not keep it up?
Is it worth it?
I generally work 45-50hrs/week so my time outside of work is fairly limited.
What are the time requirements/week?
Is it easy to weed out people who will pay vs deadbeats by doing your due dilligence with credit checks? etc
Is it easy to weed out people who are more likely to trash your property and not keep it up?
Is it worth it?
I generally work 45-50hrs/week so my time outside of work is fairly limited.
2
Posted on 11/27/12 at 4:53 pm to TJG210
I've had two rental units in Knoxville which I market mainly to UT students. I've been doing it for almost two years now and my experience has been a good one. The key is finding the right tenants. Make sure you interview them and treat it as if it's a job interview. I was lucky and got some pretty good people in mine.
The most time youre going to invest into it will be finding renters. It took me a 6-7 hours a week at the beginning to market and work with prospective tenants.
I would recommend it to anyone looking for some side income. I would defiantly do it again.
The most time youre going to invest into it will be finding renters. It took me a 6-7 hours a week at the beginning to market and work with prospective tenants.
I would recommend it to anyone looking for some side income. I would defiantly do it again.
This post was edited on 11/27/12 at 4:55 pm
Posted on 11/27/12 at 5:53 pm to DontTazeMeBro
So it's legal to turn people away just because you think they could be a risk to your property?
Posted on 11/27/12 at 7:48 pm to TJG210
You can not discriminate based on race, color, national origin, religion, sex, or familial status... But to turn someone down because you do not feel as if they are an adequate tenant for you property is fine.
Posted on 11/27/12 at 9:20 pm to TJG210
quote:
What are the time requirements/week?
but a nice asset that attracts quality tenants then very little.
quote:
Is it easy to weed out people who will pay vs deadbeats by doing your due dilligence with credit checks? etc
deadbeats can't afford nice stuff
quote:
Is it easy to weed out people who are more likely to trash your property and not keep it up?
residential rentals most likely not... commercial.. well if they are worth a damn hopefully they wont trash you
quote:
Is it worth it?
do you have a significant amount of capital laying around that you want to put to work in a low to mid risk asset that isn't very liquid and requires some time from you and random hours of the day and night?
quote:
I generally work 45-50hrs/week so my time outside of work is fairly limited.
find something that spits off enough cash to justify a property manager. and stay on their arse
Posted on 11/27/12 at 9:23 pm to TJG210
quote:
So it's legal to turn people away just because you think they could be a risk to your property?
the laws become a little more murky when you're just an individual renting and not a property mgt company.. or large scale company.
my advice would be to make a set of guide lines and create a point system... to be a tenant requires x number of points... and then use categories like credit score, debt, income, education ect... to see who qualifies.. if its an even playing field you shouldnt have a prob
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