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Rural rental properties Questions?
Posted on 9/13/18 at 11:41 am
Posted on 9/13/18 at 11:41 am
Anyone own rural investment/ rental properties? I'm seeing good deals all the time. I know that rent is generally lower as a percentage, but I also feel like with a little screening you can get a very good tenant that will stay a long time? I'm talking about properties on 1-6 acres that are older small homes generally. I see a lot of 2-3 bedroom homes for $40-60k, would rent for $700-1000 and possibly more.
My biggest concerns would be finding someone to work on items that I would be unable to get to as they would be 45 minutes to 1.5 hours away? I would also expect that most people looking to live in the country are used to slower service and doing somethings themselves?
I also like the idea of buying 5 acres of land here and there for future development.
Anyone with experience or insight here?
My biggest concerns would be finding someone to work on items that I would be unable to get to as they would be 45 minutes to 1.5 hours away? I would also expect that most people looking to live in the country are used to slower service and doing somethings themselves?
I also like the idea of buying 5 acres of land here and there for future development.
Anyone with experience or insight here?
3
Posted on 9/13/18 at 11:29 pm to baldona
How sure are you that you will not have to worry about vacancy? That's always an issue with single family, especially in rural areas. Is there anyone that invest in the exact area you can talk with? I'd personally steer clear because I'd imagine there are chances you go 2-3 months vacant at a time. I'd also think most people that live in rural areas can afford/ want their own place, but that's conjecture.
Posted on 9/14/18 at 12:22 am to baldona
Many of the rural areas where I reside are not growing in population and all that goes with that from an economic standpoint and I wouldn't do it. The better off have established homes, ranches or farms. The less well off don't have the monies to do what you have described.
Posted on 9/14/18 at 7:19 am to wfallstiger
There’s a ton of people that prefer country living on a couple of acres over living closer to the city. There may not be jobs where the properties are but the people would drive into the city. I know quite a few people that drive 45 mins to work so they can live in the country.
Certainly it’s a unique market. I agree there may be larger vacancy, that’s a risk. But I also think most tenants that do rent would stay longer. I have a good friend that owns 9 rental properties that are mostly rural but he lives in the country too.
I’ve searched for rental properties in the areas I’m considering and there basically are not any. Trailers are cheap so most buy them I think.
I’m not necessarily talking 20 miles from any town but more like 2 miles from a very small town and 45 minutes from a city with realistic jobs.
Certainly it’s a unique market. I agree there may be larger vacancy, that’s a risk. But I also think most tenants that do rent would stay longer. I have a good friend that owns 9 rental properties that are mostly rural but he lives in the country too.
I’ve searched for rental properties in the areas I’m considering and there basically are not any. Trailers are cheap so most buy them I think.
I’m not necessarily talking 20 miles from any town but more like 2 miles from a very small town and 45 minutes from a city with realistic jobs.
This post was edited on 9/14/18 at 7:20 am
Posted on 9/14/18 at 8:36 am to baldona
quote:
I’ve searched for rental properties in the areas I’m considering and there basically are not any.
Don't you think there's a reason? Most people that live rural are older and prefer to own over rent. Good luck but I think you'd be much better if finding something in the town with jobs. Rural living isn't as popular as it used to be.
Posted on 9/14/18 at 9:29 am to nugget
quote:
Don't you think there's a reason? Most people that live rural are older and prefer to own over rent. Good luck but I think you'd be much better if finding something in the town with jobs. Rural living isn't as popular as it used to be.
How many people in BR or Houston make a 45 min commute daily? Not much different than doing that and making the same commute to live in the country. I'm not worried about finding tenants. They are there.
I'm more worried about the logistics of having a rental property that's not close to either a management company or myself. No way a management company is checking on properties all over a county and I don't have the time myself. I was curious if anyone has first hand experience with it.
Potential rental properties for sale in the city are extremely competitive right now. Driving prices higher. Rural properties don't seem to be affected nearly as much, I think mainly because flipping a house is harder in the country.
Posted on 9/14/18 at 10:09 am to baldona
You're getting some good answers here.
I like my rentals close by for management purposes.
I'm sure there is a market for what you're proposing, just not sure about vacancies and upkeep. That market may be retired people or lower income tenants receiving government checks.
Pick one out and give it a try if you're so inclined. You could sell it if it doesn't work out.
I like my rentals close by for management purposes.
I'm sure there is a market for what you're proposing, just not sure about vacancies and upkeep. That market may be retired people or lower income tenants receiving government checks.
Pick one out and give it a try if you're so inclined. You could sell it if it doesn't work out.
Posted on 9/14/18 at 10:23 am to baldona
A lot depends on the job market in the area. If you can find a rural area close to a refinery or something similar you can do very good offering furnished rentals to these blue collar workers. There is usually a shortage of places for them to stay and they make per diem. There can be more turnover but I've been lucky and had a crew renting from me since January.
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