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Message
re: Rental properties. How to start
Posted on 6/16/22 at 10:22 am to TheOcean
Posted on 6/16/22 at 10:22 am to TheOcean
Slum lords make a higher percent on their invested money..but more headaches.
Young professional or serious students ( not the party complexes) have less headaches in general…( I have this after trying the above once)
Get a simple book that explains write offs and depreciation etc…this is where you can up the profit margin.
If going into condos etc make sure the complex is well maintained and you did not have a lot of people get them a while back at a low price.. when investors get tired of headaches and they bought a bunch at a low prices and want to dump them they will reset the comps and impact your rent or resale.
They make a good asset to have when retired for supplemental income and a job you can mange when older.
Screen your tenant closely for financial and back check where they lived before.
One bad tenant can wipe out a lot of profit margin.
Young professional or serious students ( not the party complexes) have less headaches in general…( I have this after trying the above once)
Get a simple book that explains write offs and depreciation etc…this is where you can up the profit margin.
If going into condos etc make sure the complex is well maintained and you did not have a lot of people get them a while back at a low price.. when investors get tired of headaches and they bought a bunch at a low prices and want to dump them they will reset the comps and impact your rent or resale.
They make a good asset to have when retired for supplemental income and a job you can mange when older.
Screen your tenant closely for financial and back check where they lived before.
One bad tenant can wipe out a lot of profit margin.
1
Posted on 6/16/22 at 10:31 am to Thecoz
“Again, I am ignorant here. How do you go about doing that without screams of discrimination.”
This is the main reason I use a property manager.. she knows how to and keep me out of legal issues… she makes them give info where they rented and checks with previous landlords… she makes them disclose income and financials ( not sure how)… she makes them give references and checks them.. whoever signs the lease needs to show income .. even if parents..
I have turned down possible tenants because of hidden issues… spend time learning this aspect.. finding the right tenant is the most important aspect imo ..
I have been lucky and had excellent tenants.. and still keep in touch even though they have moved on in life or purchased homes…
This is the main reason I use a property manager.. she knows how to and keep me out of legal issues… she makes them give info where they rented and checks with previous landlords… she makes them disclose income and financials ( not sure how)… she makes them give references and checks them.. whoever signs the lease needs to show income .. even if parents..
I have turned down possible tenants because of hidden issues… spend time learning this aspect.. finding the right tenant is the most important aspect imo ..
I have been lucky and had excellent tenants.. and still keep in touch even though they have moved on in life or purchased homes…
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