I wanted to ask anyone who has experience what a good book to read is for investing in rental properties. I've been looking at some condos and would like to buy one or two to start out. They're in the North Dallas area and are new and very nice. I could pay cash for them so I'm not worried about a mortgage and having to make that payment. I just want to know everything I can going in to the process.
Rental property
- Thread starter layinwood
- Start date
Don't have a book, but have been renting a few properties for nearly 10 years.......Do not be too eager to get a tenant. Take your time to get the right one in and not the first one. You could easily lose three months of downtime and the money on damages if you just stick the first person that comes along in there to start collecting rent.
I would look for something from clark howard. He always has good advice for landlords on his radio show
Well, since you can buy them with cash, I won't tell you not to do it....but man is it a shitty way to make a buck if you get assholes in your house(s). I've had 2 rental properties and am glad I am down to 1. People suck. Interview all you want, it's a fucking crap shoot. I've never had reliable tenants and they all look good on paper and tell you everything you want to hear. I've got a family that has 3 incomes when they move in and I have to serve 3 day pay or quit notices in order to get paid rent. I hate this shit with a passion. My only advice is to get a good list of "go to" repair people when you need work done. I networked around with other landlords to get my list and they have really been a big help. I try to handle some stuff on my own, but it can get overwhelming if you aren't good at that kind of thing.
I have 2 rental units, but have no ideas on books to recommend. A handyman and an assortment of tradesmen handle my maintenance and repairs. Ive had 1 horrible tenant, which set me back some, but now have solid tenants in place. It has worked out well enough that my father and I are currently trying to purchase 24 units. Unfortunately, title woes have that project in peril at the moment.
I have four rental homes, and have had plenty of hard knocks, especially at the start. This market is perfectly set up for investment property as you can get 4.5% on investment property right now.....first time ever. Also with all the stipulations on mortgage loans now, it makes it very hard for young would be first time buyers whom are forced to rent now. Also take in consideration that when this eventually turns around, you will have some awesome equity in those properties. Now for the advice on books, I have none.
The best advice I can give is to "Screen your applicants" If they are slow on paying others, you will be the next victim. Also, buy a home near good schools as that is a very important selling point on rentals........Good luck, and if you can purchase Newer homes that demand less maintenance your one step ahead... Best wishes :0008
The best advice I can give is to "Screen your applicants" If they are slow on paying others, you will be the next victim. Also, buy a home near good schools as that is a very important selling point on rentals........Good luck, and if you can purchase Newer homes that demand less maintenance your one step ahead... Best wishes :0008
I'm not this guy...you will need one.
I take care of a small property here when my LL is out of town. I'll never do it again, but, it has worked in my favor.
I take care of a small property here when my LL is out of town. I'll never do it again, but, it has worked in my favor.
One more word of advice, Get a great CPA, unlike others that claim they are good here :toast: You might actually get the write offs your entitled to.....:0008
Schneider is the 'message'...he'll need one if he's not. Andy Rooney is my sig...:lol:
"...Please, let me eat my dinner..."
