New Landlord
I am going to be buying some houses to rent in the near future. I have some raw land on the market right now that I bought to put a house on some day. However during the past five years they have put a toll road in front of it, now it is worth about 9 times what I paid for it. It is on the market now and I expect it to sell within a few months.
To avoid taxes I am going to do a 1031 exchange and roll that profit into rent houses. I have NEVER been a land lord and am reading up as fast as I can about the subject. I have a close uncle who is a atty. so he could do my leases.
I have heard to try to get 1% a month of the property value in rent. Is this what most people shoot for? I am not buying slum properties and want good people for tenents. 3-4 bedroom houses with 1400-2200 sq. ft.
If anyone can offer any suggestions please respond. Any information about being a land lord would be helpful. ANY!!