re: Becoming a landlord

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Is doing something like this a big pain in the arse? Or a good way to gain a little extra income?

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Yes. Yes.

i have a small house in Goodwood that i bought in the mid 80's. i renovated it when i bought it and re-did after Gustav. I paid $45,000 for it, and put $20,000 in it. It has almost always paid for itself, and has had monthly positive cash flow for the last 12-13 years. it will pay off in 2 years, and rents should be $1,500+ then. $1,500 per month cash flow on a property worth $225,000 that other people paid for is a pretty decent ROI.