Newbie

I currently own my home. I am looking to move and upgrade. I don't have enough equity to sell my house. I have a friend that owns several rental properties and suggested that I rent my current home. The current mortage is 200,000 and I am working with a broker to refi my current home to an interest only cash flow loan. I will pay princpal and interest but like the flexibilty just in case The PITI will be around $1000 per month. My house will rent for about $1400 a month. Since I am new to this what should I be concerned with. My friend has 5 rental properties and will help with screening applicants and such. Thanks

Comments(1)

  • InActive_Account23rd August, 2004

    There are risks and rewards associated with being involved with rental properties. Its not for everyone. To get you familiar with what is involved, pick up a copy of Property Management for Dummy's (there are other good books as well) and give it a read. Screening applicants is one very important task, but there are many other tasks you'll need to do, to be successful. Good luck

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