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FIND YOUR DREAM HOME OR APARTMENT
must-see on msn
Oklahoma City #1 Best Place to be a Landlord???
F____ crazy people! The city is near the heart of tornado alley!!
Crazy to own there, let alone be a landlord!
I'd rather own in a city that has an occasional hurricane.
The big irony missed by most folks is that a $150k house will rent for about 30% more than a $50k house. Anyone who purchases investment property on a 80/20 mortgage isn't being very smart. They will not make any money, at least in the short term, and even worse, they may lose a huge amount of money. I've seen lots of folks lose nearly everything because of mortgaged investment property. I didn't because I don't carry a mortgage.
The article was obviously NOT written by a real estate investor. Never invest in rental property unless you can charge at least 1% of the purchase price in monthly rent. Don't invest in the ghetto. Never pay more than 20% less than Zillow's "Zestimate". It's not as easy as the article makes it sound. You have to factor in maintenance, HOA fees, vacant time, etc. Plan on getting calls in the middle of the night unless you hire a management company who will charge 10% and most of them to a poor job. It's a tough business.
then I take over and manage. Finding good venders to handle issues takes time but once you got them they are gold. Problem I have seen with some is that "there just rentals why put money into them" more often than not a good well maintained property in a good neighborhood with good schools = good tenants and sometimes long term ones too.
And like Jamie T. the equity is there and getting stronger.
I own two rental homes that I rent to my sisters. The rental fees that I charge them cover all costs, plus a few extra bucks each year. My payoff will be when I sell them. I purchased them at auction at very reduced prices (I have about 70k in and they are worth about 220k).
They are probably the best investment I have made. I am thinking about using the equity to purchase more, but I don't know if I really want to be a full time landlord...but it gives me options, and that is always a good thing.