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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="JetmechF16" data-source="post: 16167683" data-attributes="member: 46819"><p>Man hearing some of the stories in here probably would have made me sell my first home instead of turn it into a rental. I guess I just got lucky buying a cheap house in a high rental neighborhood in League City. 3/2/2 1400 sq ft single family, monthly escrow is $802, it rents for $1600/month. I used Zillow to list and had dozens of inquiries in the first week. LOTS of "tire kickers" that self-identify a 400 credit score and yearly income of $20k that you have to wade through. </p><p></p><p>I just wish I had been in a position to buy more rentals after Harvey. Most of the houses in that neighborhood, including mine, had about 1 foot of water in them. Doing most of the work myself it cost me about $7.5k (no flood insurance) to replace flooring, 2' of drywall and insulation, bathroom vanities, etc. Lots of people sold gutted houses for pretty cheap after they got their FEMA payout.</p><p></p><p>I've had the same tenants for the past couple of years and they have been great. Transunion has a great background checking site and I used legalcontracts.com for my lease agreement. Also be sure to get rental references and make some phone calls.</p></blockquote><p></p>
[QUOTE="JetmechF16, post: 16167683, member: 46819"] Man hearing some of the stories in here probably would have made me sell my first home instead of turn it into a rental. I guess I just got lucky buying a cheap house in a high rental neighborhood in League City. 3/2/2 1400 sq ft single family, monthly escrow is $802, it rents for $1600/month. I used Zillow to list and had dozens of inquiries in the first week. LOTS of "tire kickers" that self-identify a 400 credit score and yearly income of $20k that you have to wade through. I just wish I had been in a position to buy more rentals after Harvey. Most of the houses in that neighborhood, including mine, had about 1 foot of water in them. Doing most of the work myself it cost me about $7.5k (no flood insurance) to replace flooring, 2' of drywall and insulation, bathroom vanities, etc. Lots of people sold gutted houses for pretty cheap after they got their FEMA payout. I've had the same tenants for the past couple of years and they have been great. Transunion has a great background checking site and I used legalcontracts.com for my lease agreement. Also be sure to get rental references and make some phone calls. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Who's in the rental house business?
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