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I own a duplex (I live in one unit and rent the other) and a single home both in my small hometown. The duplex has been pretty stress-free (no major repairs, three renters since 1999) but the house has been a pain in the rear end until the most recent renters moved in. The house was kinda run-down when I bought it so it was a struggle to find and/or keep decent renters. However I recently made some improvements to it and now have had consistent occupancy for > 1 year. As you can see I'm not an expert*, just a casual landlord, but my advice would be to avoid any 'slumlord' type situation (i.e. buying some crap-rear end property in a crap-rear end area and then trying to squeeze some deadbeat for cash every month). Try to offer a product that you yourself would consider. * Hopefully there are some real experts (people with 50 or more properties, say) responding who can tell you how to make a career of it.
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May 8, 2013 17:23
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What is the most effective means of advertising an open rental unit these days? I've had pretty good luck keeping the small number of units I have occupied but now I have an opening and I feel like putting ads in the newspaper is bush league these days (especially our dinglef*ck local paper).
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Sep 30, 2014 13:48
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I'm considering selling a property due to lack of profitability and wondered what you guys think. Some monthly numbers: Property tax 69 Insurance 19 Utilities 70 Mortgage 261 (I owe about $18 K outright currently and could pay it off in about 10 years) Vacancy 10% 40* Repairs 5% 20* Total expenses 479 * Standard percentages I found online. I think I could charge upwards of $500/month rent but I don't think much more in the area. It's a small single unit home with two bedrooms (one is very small though) and one bath. So right now I can either sell it and make a small profit (which could possibly be spent on a more worthwhile property) or tough it out until house is paid off. Your thoughts?
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Oct 14, 2014 13:51
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Bloody Queef posted:How much do you think you could sell it for? The economics of that property are pretty lovely from a rental perspective. Maybe $35K (local market is cheap anyway and this place, while not a dump, is not really what most families would be looking for). I agree with you re: shittiness - I think multi-unit or higher end single units are the way to go around these parts.
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Oct 14, 2014 15:35
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Bloody Queef posted:Yeah, something feels very odd about those numbers. What did you put down and what was the purchase price. You're way over the 1% of purchase price in monthly rent line. Which, as you probably know, it's used as a quick back of napkin calculation with assumptions that most things like vacancy and maintenance are average. I put down 2k and the price was 39k (didn't have a lot if cash at the time). I've made some updates - siding for $1500; bath for $3000. Its a 20 year mortgage which I'm ten years into.
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Oct 15, 2014 03:54
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