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re: Rental property question
Posted on 1/9/20 at 11:03 am to ulsaint
Posted on 1/9/20 at 11:03 am to ulsaint
quote:
4. Sell and buy a new rental property(s) with a higher percentage profit. If this is the winner? Any tips?
This would be my choice. I'm currently doing the same thing to add to my rentals. You can prob buy at least 2 4-plexes with the 100k. You have to buy right tho. Shoot for a minimum of $200 per door net profit per month.
A quick evaluation of a property is that the total rents need to be at least 1% of the purchase price. I try to stay around 1.4%
Visit Biggerpockets and listen to their podcasts. Their rental property calculator on the website is a life saver when it comes to analyzing properties.
3
Posted on 1/9/20 at 11:06 am to Peejack84
quote:
A quick evaluation of a property is that the total rents need to be at least 1% of the purchase price. I try to stay around 1.4%
Exactly why I think renting a $370kish house for $2250 isn't worth it.
I'll give them a listen but with a toddler and a fulltime job, I want to be as hands off as possible. It took me years or learning and research to understand the stock market, just don't have the time or energy to learn real estate that well. Wish there was a way to just have decent properties sent to me and I just provide the money haha.
Posted on 1/10/20 at 5:18 pm to Peejack84
quote:
A quick evaluation of a property is that the total rents need to be at least 1% of the purchase price.
I’ve always used that same percentage also as a go by on whether or not I even consider a property.
Posted on 1/13/20 at 8:51 am to Peejack84
quote:
A quick evaluation of a property is that the total rents need to be at least 1% of the purchase price. I try to stay around 1.4%
Same here, but how/where are you finding properties? I can only find stuff in the $90k to $120k that I can rent for $1000 to $1300... once the price prices approach $200k, rent stays down around $1,500. I've spent hours on HAR and my excel sheets and can't find anything that makes the math work for a decent cash on cash return. This is in Houston.
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