Updated about 2 months ago on . Most recent reply
building and installing a rental unit on your property at no cost to you - idea..
Hey all! My fiance and I own a general contracting company and think have figured out a new 3-5 year program that can help get home owners get their foot in the door of real estate investing by rental units, without quite literally any cost to the home owner. Essentially if you are a qualified home owner, we build you a custom rental unit on your property (attached or un attached), find and place a qualified tenant, home owner starts earning income immediately and the tenant pays us a portion of their rent to pay off the cost of your rental unit. After unit is paid off you get 100% of the tenant income and own the rental unit free and clear. I wanted post the idea here - before we actually launch the idea and see if anyone had thoughts about it - Pitfalls? Interest? Things to think about?
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#2 General Landlording & Rental Properties Contributor
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- Narragansett, RI
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#2 General Landlording & Rental Properties Contributor
- Investor
- Narragansett, RI
@Stephen Wilson I don't know about your area but in ours the payoff will take a long time. Did you work out the numbers on a typical cost of a build in your area? on a $150,000 build you would need to bring in $30,000 just to cover the cost in 5 years. That is $2500/mo in rent not accounting for any other expenses. Not sure how the numbers work.