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SVTPerformance's Chain of Restaurants
Road Side Pub
Interested in hearing from people who rent out property
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<blockquote data-quote="JetmechF16" data-source="post: 16204365" data-attributes="member: 46819"><p>I don't plan on being a "professional landlord" and probably won't ever buy another investment property. I kept my first house and turned it into a rental. $800/month complete escrow (principal/interest/taxes/insurance) and I get $1600/month in rent. 1400 sq ft 3/2/2 7500sq ft lot. Same tenants going on 3 years now. First tenant (wife's friend) was there for about 1.5 years. </p><p></p><p>Acquisition cost was about 1 hour of my time and the $49 I paid to have a lease contract customized for me on legalcontracts.com. Zillow lets you list a rental for free and I used mysmartmove.com to vet the potential tenants (they pay the $39 fee). </p><p></p><p>I reviewed credit/criminal background checks, called references, then scheduled interviews in person and chose from there. I do any maintenance work myself and usually have a few hundred in receipts (tools/materials/repairs) each year to claim on taxes for miscellaneous. Harvey flooded the house and I didn't have insurance but it only cost me $7k for new floors, doors, drywall/insulation (2'), vanities, etc. doing the work myself. </p><p></p><p>So I profit $800/month plus a steady decrease in mortgage principal. If I were you I would just see what $/sq ft rentals are getting in certain sought-after neighborhoods (near good schools is a plus) and buy the best deal you can find.</p></blockquote><p></p>
[QUOTE="JetmechF16, post: 16204365, member: 46819"] I don't plan on being a "professional landlord" and probably won't ever buy another investment property. I kept my first house and turned it into a rental. $800/month complete escrow (principal/interest/taxes/insurance) and I get $1600/month in rent. 1400 sq ft 3/2/2 7500sq ft lot. Same tenants going on 3 years now. First tenant (wife's friend) was there for about 1.5 years. Acquisition cost was about 1 hour of my time and the $49 I paid to have a lease contract customized for me on legalcontracts.com. Zillow lets you list a rental for free and I used mysmartmove.com to vet the potential tenants (they pay the $39 fee). I reviewed credit/criminal background checks, called references, then scheduled interviews in person and chose from there. I do any maintenance work myself and usually have a few hundred in receipts (tools/materials/repairs) each year to claim on taxes for miscellaneous. Harvey flooded the house and I didn't have insurance but it only cost me $7k for new floors, doors, drywall/insulation (2'), vanities, etc. doing the work myself. So I profit $800/month plus a steady decrease in mortgage principal. If I were you I would just see what $/sq ft rentals are getting in certain sought-after neighborhoods (near good schools is a plus) and buy the best deal you can find. [/QUOTE]
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Road Side Pub
Interested in hearing from people who rent out property
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