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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Does anyone own rental properties
DH is interested in buying some less expensive property possibly as an investment. I have one friend who used to own rental properties (still has one she can't get rid of) and have heard nothing but horror stories from her so needless to say I'm not to keen on the idea. Anyone have any feedback on this?
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Posted 3/3/10 10:01 PM  |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Does anyone own rental properties
We do, its not as easy as it looks. You can loose a lot of heart muscle & stomach lining if you have mortgages on the rental properties. Rent is never guaranteed, so you have to be able to carry both mortgages, taxes & other expenses without rent on your income.
Right now its hard to find tenants in low income areas-where the cheapest houses are. The rental market is saturated with empty units & not enough bodies with income to fill them.
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| Posted 3/4/10 7:57 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Does anyone own rental properties
Posted by KellyFG
We do, its not as easy as it looks. You can loose a lot of heart muscle & stomach lining if you have mortgages on the rental properties. Rent is never guaranteed, so you have to be able to carry both mortgages, taxes & other expenses without rent on your income.
Right now its hard to find tenants in low income areas-where the cheapest houses are. The rental market is saturated with empty units & not enough bodies with income to fill them.
Yep. I regret doing it.
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| Posted 3/4/10 8:25 AM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: Does anyone own rental properties
yup I agree with above posters!!!
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| Posted 3/4/10 8:47 AM |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: Does anyone own rental properties
We do, don't do it. Ours has decreased substantially in value and the rent doesn't cover the mtge anymore. Maybe when the market comes back...
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| Posted 3/4/10 8:52 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Does anyone own rental properties
I can't express how awful it's been here. Take a look at my past posts about my tenant.
Nightmare.
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| Posted 3/4/10 9:34 AM |
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klsnyc805
LIF Adolescent
Member since 11/09 578 total posts
Name:
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Re: Does anyone own rental properties
Ugh...seeing these posts makes me so nervous! We are planning to keep our current NYC apt as a rental property when we buy a house, but I get so nervous about the risks. We will most certainly lose money on it since we can't rent it for the mortgage. I am trying to see the long-term picture b/c DH is passionate about a RE empire  but it's hard.
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| Posted 3/4/10 4:47 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Does anyone own rental properties
when did you buy it? Can you sell for a profit?
It's in the city?
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| Posted 3/4/10 5:39 PM |
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klsnyc805
LIF Adolescent
Member since 11/09 578 total posts
Name:
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Re: Does anyone own rental properties
Posted by Blu-ize
when did you buy it? Can you sell for a profit?
It's in the city?
Bought in '07 and currently refinancing to reduce payments 200/mo, but don't think we could sell for a profit right now. It would be great as a rental property but the maintenance keeps going up 
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| Posted 3/4/10 5:42 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Does anyone own rental properties
City properties are excellent if they are in the right location and some other things.
One of my managers is renting out his place because he outgrew it and renting another, not buying.
Maybe you could do that instead, this way no dual mortgage committment. Rent a house?
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| Posted 3/4/10 5:48 PM |
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Agape08
LIF Adolescent
Member since 10/08 807 total posts
Name:
Kathy
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Re: Does anyone own rental properties
my husband has a commercial property and that works out great and is a huge help every month (knock on wood)
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| Posted 3/4/10 7:25 PM |
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