Does anyone have rentals?
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From: Oh
Does anyone have rentals?
I have been exploring this for a while now, I just wanted some info, or suggestions about it. Yes or No.
I know a few people who have them, and they say do it.
Let me know what you think.
Thanks Stampede
I know a few people who have them, and they say do it.
Let me know what you think.
Thanks Stampede
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Joined: Jul 2003
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If two apartment complexes with 328 total units qualifies, yes, I have rentals. I don't have any rental 'houses'. It is kind of hard to compare I suppose. If you are buying just to rent and your mortgage company knows this up front, you will probably be required to keep X amount of $ in a capital reserve fund. Usually around 12 -18 % of the value. Know however, that if that's the case, the mortgage company will inspect every year or two to make sure you aren't letting the property run down. They could require you to make certain improvements. Also, if you plan on offering subsidized housing, such as section-8, prepare to have them all over you, all the time. No matter what your tenants tear up, you have to repair, at your cost.
In short, if you can get good people in and retain them, it is a good thing. If you have a yearly turnover, or people that don't pay and you have to evict, or constantly have to chase down to collect, it is a nightmare and you hemmorage cash. So, at best it's a 50/50 deal. Luck of the draw basically. Good luck.
In short, if you can get good people in and retain them, it is a good thing. If you have a yearly turnover, or people that don't pay and you have to evict, or constantly have to chase down to collect, it is a nightmare and you hemmorage cash. So, at best it's a 50/50 deal. Luck of the draw basically. Good luck.
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