Quote:
Originally Posted by chippewastud79
It is a headache, its a lot of work, but you get your own hours. With rentals expect to break even a lot, there are always expenses and lots of unforseen issues. Our rental 'income' last year was enough to reduce our tax liability into the lowest possible bracket. Thank you very much, $5000 in our rental vehichle repairs, 2 new wells in 9 months, evictions and vacancy.  |
As a teenager, my father owned 15 or so rental homes. It kept me and my best buddy (builder's son) in very good cash flow doing the constant repairs where needed, plus putting every one of the houses back in livable condition when the renters moved out. It was pretty much a given that every vacated home would need plenty of renovations to get them back into lease-able condition.
If you can do some of the renovations yourself, you will be able to keep those cost to at least a manageable level. Just be prepared that most renters will leave a property in worse condition than they found it. I wish it was otherwise!
On the positive side, there's hardly a better time than now to be to be buying property!