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SVTPerformance's Chain of Restaurants
Road Side Pub
Who's in the rental house business?
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<blockquote data-quote="mc01svt" data-source="post: 16166974" data-attributes="member: 32337"><p>i have one rental property near columbia SC. i have rented it for 4 years but now im prepping to sell.</p><p></p><p>make sure you calculate all your expenses to the T then gone ahead and raise those by 40% for a more realistic picture.</p><p></p><p>in general its almost impossible to cash flow on "cheap" single family homes. Large cap-ex expenses and repairs will likely destroy all your profits since there isnt much headroom at only $600/mo. a/c unit cost the same to fix wether the house rents for $600 or $1200, but one will be a much higher percentage</p><p></p><p>also be aware, in SC the property tax rate is 3x higher when you rent a house instead of living in it. Insurance will be also be higher and it generally increases every year. Your cashflow might be ok today and horrible 5yrs from now.</p><p></p><p>tenant screening is luck of the draw, my 1st tenant destroyed my house and complained about anything and everything. 2nd tenant was way better.</p><p></p><p>be careful self managing. There are alot of tenant-landlord laws on the books that change constantly and you can open up yourself to a world of hurt if you deny someones rental application or file an eviction improperly or various other reasons.</p></blockquote><p></p>
[QUOTE="mc01svt, post: 16166974, member: 32337"] i have one rental property near columbia SC. i have rented it for 4 years but now im prepping to sell. make sure you calculate all your expenses to the T then gone ahead and raise those by 40% for a more realistic picture. in general its almost impossible to cash flow on "cheap" single family homes. Large cap-ex expenses and repairs will likely destroy all your profits since there isnt much headroom at only $600/mo. a/c unit cost the same to fix wether the house rents for $600 or $1200, but one will be a much higher percentage also be aware, in SC the property tax rate is 3x higher when you rent a house instead of living in it. Insurance will be also be higher and it generally increases every year. Your cashflow might be ok today and horrible 5yrs from now. tenant screening is luck of the draw, my 1st tenant destroyed my house and complained about anything and everything. 2nd tenant was way better. be careful self managing. There are alot of tenant-landlord laws on the books that change constantly and you can open up yourself to a world of hurt if you deny someones rental application or file an eviction improperly or various other reasons. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Who's in the rental house business?
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