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re: Rental property question
Posted on 1/13/20 at 8:51 am to Peejack84
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.
2
Posted on 1/13/20 at 9:22 am to LSUJuice
quote:
This is in Houston.
this is why you invest NATIONALLY.
Posted on 1/13/20 at 4:38 pm to LSUJuice
quote:
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 decent cash on cash return. This is in Houston.
This is exactly my self conceived sweet spot in lafayette. I think about 1200 (maybe 1300) a renter becomes short term and I don't want to fool with an annual turnover. 120k max on a house that is around 1200sqft and I go by $1/sqft and stay out of the flood zones if possible.
I am curious about the HELOC used to buy some houses. I have thought about getting one just to have but never looked into it. What is the average interest in something like that? I guess if broken up over 5 houses to mix with there mortgage interest rate it wouldn't add too much to the note? Take ALL the profit from that 5 pack of house and dump it into paying off the HELOC first? Common practice?
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