Is It This Easy To Rent Houses All Over?
I am buying another rental property and I close this Monday. Paying $45,000 for it. Needs refir and stove. Thats all. 2/1 C.block home, CHA. Put sign out front yesterday that says "for rent 2/1 $650 1st + $650.00 security."
People are fighting over it! This lady peels out $1,300 in $100 bills this morning for her and her hubby and two teen boys. This is wild! I haven't closed yet and I have $1,300 in hand and a renter for 2 or 3 hundred more than my mtg. Is this a great countrry or what?
Maybe the market is different here. I dunno. But I love it . Cash flow!
Good job! Go get 30,50,100 or 300 more.
Good Luck,
Shawn(OH)
I've got a map in my hand and my bags packed.
It sound like Leesburg FL. is the land of milk and honey for which I've long been searching.
The very best of luck in your new quest for "fun and profit" in Leesburg. These are the types of posts that I love to read.
Knock on the neighbors door and ask if they want to sell. It sure is easier to collect rent in one location verses all over the city.
Eric & Rosa
[addsig]
Congratulations on the find. Is it easy to convince neighbors to sell to you?
Yeah, congrats on the find! It sure ain't this easy here in Atlanta, that's for sure! You gotta just about bribe people to move into your house! Even Section 8 people!
Now that is Motivating!! Great job!
Yes tell them you apologize for this renter that you just signed a lease with. You didn't know at that time that he was released from prison 3 months ago for attempted murder of his old neighbor over a fence. You deeply apologize, and then pop the question if they want to sell. Motivated seller.
Congratulations on a great find. I think that this is wonderful news.
I would like to inject some cautionary notes here. Are you sure that you have checked out your prospective tenants completely? I remeber reading a post on this board about a Landlord who found seemingly great tenants that always paid on time, IN CASH. After a while, the Landlord was called to his property to find that it had been burned down. It seems that the tenants had been operating a meth lab on his property.
Moral: If it sounds too good to be true, It just might be. Don't let the excitement keep you from doing the necessary due diligence. It'll save you much grief later on.
Again, Congratulations on your find and Good Luck.
JS.
Yeah thanks guys. I do own four together up the street and your right it ois easier when tey are all togtehr. Of course, I use a handyman/rent collector/all in one dude for just 5%of the rents. What a blessing he is. ^'4" inches and not afraid of anybody.
I talked to another owner guy two houses down from this one today. He only wants mid to high 50's for a three bedroom. Guess thats my next one!
I have only 3 words....
BUY BUY BUY!!!
In the city where I live there are more than 400 empty apartment or two family units. Landlords are discouraged. There have been so many large section 8 apartment buildings put up in the area that the two family owners are fighting each other for the few tenants who are left. The tenants who are left are left for some very obvious reasons such as they never pay rent, they deal drugs, they trashed their last three apartments etc. That is why where I live I only purchase mediun priced single family homes for rentals. I never have an empty one of those. Anyway, the point is that it isn't that good everywhere.
I see. Well believe it or no, this is medium priced single family homes for this area. Close to it anyway.
I thank God everyday that I live in Florida. I heard 1,000 people a day are moving here. Bad in some ways of course but for making money in RE very good.
smithj2 - I hope you were joking about the tenants with the meth lab. I mean, fires can start for many reasons, and just because some people were manufacturing drugs doesn't mean they aren't safe. You said yourself they were paying the rent, and I'm sure they didn't WANT to burn the house down. Why would druggies be any less careful than anyone else??? Ever left the iron or the stove on? Ever fell asleep with some candles lit or while you were smoking a cigarrette? Accidents happen. These alleged meth lab operators you mentioned might need the money for school or some charity - how do we know? They may even become legitimate scientists one day and find cures for some real illness'. One of them might even save your life. I hate to see people discriminate on this forum, please try to be more openminded about people different from yourself. Z
That would be great--Meth-head creates vaccine for AIDS lol...created in kitchen sink with plastic milk jugs.
Not to burst your bubble but did you do a background check?? It's a common occurance where a person will pay in cash to lock you into contract and then never pay again. I suggest you check your tenants out, an eviction can take time and leagal expenses - I hope you don't have to worry about it though.