All Forum Posts by: Marci Stein

Way too high . I’ve had 7 evictions in 10 years and never paid more than $700

Not so much the purchase price but also look into the rents. 
many homes that sell for 75 k get 

600-700 rent . That’s ok but not great . 
you can buy better quality homes and 

get same rate of return . Look for 

higher rents , like 2 % of PP. 

Also , think about your goals. 
is it to provide affordable housing to friends, or to
generate money as a business ? 
your answer will guide you in the right direction. 

Not the best idea .
What would you do if they’re late or can’t pay rent?  
mixing business with personal gets sticky . 
I’d  Make up a lease as if you didn’t know them . Be clear you’d prefer to rent to them , but after all , it is business. 

If you really believe you won’t find a tenant during the next few months you may want to winterise the pipes with antifreeze . 
a plumber will charge $180 but you can do it yourself for $20.  no winter bills . problem solved .

Where do  you live?

I expect to pay at least 20 Percent less and usually do .

The houses I buy are not mortgageable. .  . 

Only thing you may buy in Astoria for that price is a co-op , and they have stringent rules regarding renting. 

Why not buy a house in Yonkers for that money and rent away ?
Good luck !

If you’re near homelessness, how would you pay the mortgage and other related house expenses? 
Better to focus on applying for help from your city for a place to live and have safety for your children and your credit score. 

I wouldn’t do it . 
if he ruins the house , or for any reason is a nuisance tenant , 

you’re obligated to keep him for a year. 
if he has the money , why not do month to month?