Cappy's latest vid: Request-Assessing Rental Properties as an Investment and here's some tips of my own: 1. You've probably heard Dave Ramsey (or others) say this, don't be an absentee landlord. You're better off if not living in one of the units, then at least in the same city. Any problems arise, you can show up quickly and at least eyeball the situation. From hundreds of miles away... Not so much. 2. Don't do Section 8. DON'T. First, because you hand off the approval of prospective tenants to the city or county government. You can either say yes or no to Section 8 as a whole, you can't pick the tenants. Second, if you do have to evict them, you will go through hell doing it (much more than normal). The bureaucrats will drag it out for months and months and months. Third, the chance they will destroy your property is high. As in this bad. The guy in the video probably inherited or got the place from an estate sale - then obviously put at least 50k into fixing it up. All of it ruined, probably another 50k to restore it to the same condition it was rented out as.
Cappy's latest vid: Request-Assessing Rental Properties as an Investment and here's some tips of my own:
ReplyDelete1. You've probably heard Dave Ramsey (or others) say this, don't be an absentee landlord. You're better off if not living in one of the units, then at least in the same city. Any problems arise, you can show up quickly and at least eyeball the situation. From hundreds of miles away... Not so much.
2. Don't do Section 8. DON'T. First, because you hand off the approval of prospective tenants to the city or county government. You can either say yes or no to Section 8 as a whole, you can't pick the tenants. Second, if you do have to evict them, you will go through hell doing it (much more than normal). The bureaucrats will drag it out for months and months and months. Third, the chance they will destroy your property is high. As in this bad. The guy in the video probably inherited or got the place from an estate sale - then obviously put at least 50k into fixing it up. All of it ruined, probably another 50k to restore it to the same condition it was rented out as.
Lovely
ReplyDelete