Screening
Yes, I would. Find out how long the husband would be receiving the benifits. Always stick with the numbers....Find out if the prospect can find come up with additional money in case needed. Check with the prospect previous leases. If the client has a good rental history or sound rental history for the past 3 years I would work with them. Also make sure they have had stable work history as well. ****Remember if you give an inch be willing to give an inch when times of trouble come. If it gets out of hand you would have to evict. GOOD luck!
CT,
Pay attention to taxes in Housto, they typically run much higher than a lot of other places and can throw off your cashflow numbers.
Good Luck.
JS.
Texas is still the place for cash flow!! Your equity will not build very fast or make you rich in a couple of years like LA or Frisco, but it might not be a bad place to retire with several "nice" homes that you are renting out as extra income.
A couple of dinky 50k or 75k properties is great because of the ease to get into them and holding if vacant. Where you might want to focus more is the 100k-150k properties. Your cash flow might still be 100 - 300 per month, but something a little higher value might be something you might want to job transfer into at a later time.
I have a number of folks from east coast and west coast who are buying with the idea of leaving the higher dollar area for San Antonio. What is 500k on either coast is probably 150k in Dallas, San Antonio or Houston. Good solid both spouses working area.
Great, thanks for all of the helpful information and words of wisdom. Much appreciated!
It makes sense for you to try to solve some of the issues associated with owning property at a distance. Once you have done so any property that requires an air plane trip to visit is essentially equivalent to any other such property. The main difference is the length of the flight-- the ownership and management strategies are the same.
Finnagin,
Take a look at the date on that original post.
Bet he can find cash flow deals in CA now, eh?
Mark