Does anyone own investment/rental properties?

DH and I are about to take the plunge... any advice is appreciated!

Re: Does anyone own investment/rental properties?

we do. we own a 2 family in new hyde park.
it is a lot of up front work -

we do a lot of minor renovations and we are goign to do our first huge on this coming spring.

so far so good. i am just looking toward the future when the property will actually make money for us..

any questions, fm me, im curious to see what u are thinking!

Re: Does anyone own investment/rental properties?

Yes. My parents condo in AZ. They live in it so it's kept up but it was scary thinking about another mortgage! I'm leveraged up to the gills!

It works out though. I'll see what happens tax time if it was worth it.

eta: we will probably bring the folks back to NY (or wherever we go) in a year or two and sell the condo.

We paid undermarket because it was an apartment conversion to condo and they lived there to begin with.

Message edited 9/6/2006 2:36:59 PM.

Re: Does anyone own investment/rental properties?

we bought three homes in Florida two years ago, we flipped them all though.
We are actively looking for investment properties on Long Island, when we buy something it will become a rental.

Re: Does anyone own investment/rental properties?

We kept my home that I had bought before we got married and we rent it... it's definitely a good investment, especially since I got it for a steal... it's just a little difficult to find good tenants, but once you find them it's great.

Re: Does anyone own investment/rental properties?

We have a rental property, my old condo (we had two but sold one-thank heavens.) We have a home warranty to help with repair costs. Other than that we sacrifice a lot of extras so we have $$ to cover all the costs because rent doesn't fully cover taxes, insurance, condos fees, and rent as well as keeping money to make any emergency repairs. Its not fun, but will pay off in the long run--I hope! We also have legal insurance through my work which is nice just in case I need advice or representation in the case a tenant tries to screw me over. I'll also add we use a CPA at tax time since you must claim the income but can also claim any repairs/upgrades on that property; our accountant has helped us work all this out although I'm sure you could just as easily figure it out on your own.

Message edited 9/6/2006 2:52:59 PM.

Re: Does anyone own investment/rental properties?

We weren't able to sell our house (which we kind of knew would happen) so now we're renting it. Unfortunately that meant taking a second mortgage out to buy this house so we're not quite breaking even because we're paying interest on a second but the rent covers the mortgage on the house and she has to pay everything else. We'll see how it goes. She moves in on the 15th.