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Thinking of purcahsing a rent house
Posted on 2/14/16 at 6:43 am
Posted on 2/14/16 at 6:43 am
What should be my first step in the process? Kind of have one I have been looking at and have enough money to pay for it but don't know if I want to drain my savings.
This post was edited on 2/14/16 at 6:48 am
2
Posted on 2/14/16 at 7:39 am to BossierBayouBengal
Posted on 2/14/16 at 8:31 am to KillTheGophers
quote:
Monthly rent of 2% of the purchase price is the criteria I aim for. Well done.
Is it just me or does that seem like really steep rent to charge?
I'd find it hard to believe you could get many people to pay that type of rent.
Posted on 2/14/16 at 8:43 am to Powerman
I think 2% is almost unreasonable
Posted on 2/14/16 at 8:45 am to HailToTheChiz
In the vast majority of markets 2% is ridiculous, around my area it seems most rentals are around 1%.
Posted on 2/14/16 at 8:46 am to HailToTheChiz
quote:
I think 2% is almost unreasonable
I suppose you might be able to go higher % with much cheaper properties
No way you could rent my house out at 2%
Posted on 2/14/16 at 10:56 am to Powerman
2 percent of a 100k house is 2000 a month. Not likely.
2 percent of a 30k house is 600 a month. That could happen. Especially if the 30k was a steal of a deal.
2 percent of a 30k house is 600 a month. That could happen. Especially if the 30k was a steal of a deal.
Posted on 2/14/16 at 2:11 pm to LSUFanHouston
2% on a 40k house is almost the norm here in Lafayette and surrounding areas.
Posted on 2/14/16 at 3:36 pm to roguetiger15
quote:
2% on a 40k house is almost the norm here in Lafayette and surrounding areas.
Is housing that cheap there?
Seems like a 40K house would be a slum and you'd be better of renting an apartment for 800
Posted on 2/14/16 at 4:25 pm to BossierBayouBengal
Be prepared for the possibility that it will be a huge pain in your arse
Posted on 2/14/16 at 4:30 pm to Powerman
quote:
Is it just me or does that seem like really steep rent to charge?
You can only charge what the market allows. You don't get to set higher prices.
and like someone else said, the 2% sweet spot are the 50k houses and under. I know of someone who gets 4% with secction 8.
Posted on 2/14/16 at 4:43 pm to I Love Bama
quote:
I know of someone who gets 4% with secction 8.
That makes me want to become a slumlord.
Posted on 2/14/16 at 5:00 pm to I Love Bama
Ya, I also imagine if you find a cheap property thay you rehab and then rent out you can hit that 2% as well.
I think people get the wrong idea that people are implying there are 2 percent properties all over the place that just need some cash to buy them with little effort.
I think people get the wrong idea that people are implying there are 2 percent properties all over the place that just need some cash to buy them with little effort.
This post was edited on 2/14/16 at 5:02 pm
Posted on 2/16/16 at 1:18 pm to LSUFanHouston
My condo rents for a $1 per sqft. Good rule of thumb for the BR area.
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