re: Rental property question

quote:

---

This is my uneducated opinion that I follow that has worked for me so far in my area.

I try to clear 500/mo

I try to keep rent max at 1200 because I feel that beyond that you can afford your own house so your stay with me will be short. I rather not have to deal with re renting every year or two.

I look for properties NOT in a flood zone so I am not forced to get flood ins if I don't want too.

Put at least 20% down so no PMI

I would not sell your rent house to pay down your current principle, your rate is really low. Only way id consider it is if it paid off your house completely freeing up your current monthly payment. But then you loose tax credits. Not sure how that all works out in the books...

I would not put all my $ in the market...IMO people will always need a place to live and I have read here and there that some of the younger generation rather just rent vs buy, so I like rentals. Grew up with my parents having them and a good friend grandfather building a empire.

IMO I would sell and find something closer to me that I could manage and pocket that 8% fee.

---

Good advice.

Problem is I moved from one booming area to another. Real estate around me is pretty pricey. I'd have to go to parts of town I don't know at all to find houses in that range.

I have no interest in property management. Just seeing some of the dumbass requests they get for my relatively new house is enough to scare me off.

Got one the other day that the freezer was leaking. It's one of those nice Samsung stainless steel french door with the freezer on the bottom ones.

Freezer wasn't leaking. The stupid a-hole used the ice dispenser and not all the ice came through the slot and melted. frick property management.