My First Rental Property (Pics)
Just purchased my first rental property... Just wanted to get some opinions on it. I think I'll be able to get about $700/mo no utilities included. I went with the single family unit in hopes of less hassle. It is fully remodeled. The entire inside is new, new furnace, AC unit, hot water tank, windows, hardwood, carpet, siding, shingles, plumbing, fuse box... just about everything is new. Please let me know what you think. I'm meeting with two rental property owners this week to help me with leasing agreements and general advice. I'll be looking for my next property within a few months.
Most Popular Reply
Jason,
I'd recommend instead of paying this house off, save up for a down payment for your next investment. Buy a house where value isn't already added (in this case, the house is already rehabbed). Find a foreclosure or distressed seller and renovate the property using a good contractor. That way, you will have plenty of equity. Good luck.