All Forum Posts by: Ryan Garvey

Thanks each of you for your input! 

@Daniel Haberkost - thanks for your input! I agree we'd likely barely get by (would need at least $1,175/rent to get $200). But yes, with those other expenditures it's unlikely we'd be in the green. 

@JD Martin great questions: we've lived there less than 1 year. I have checked our market (Zillow, Craigslist) and not many rental houses in our area (2/1) are asking for $1,200 or more, and the ones that are appear newer and in great locations. As far as appreciation, I can't say - the neighborhood is older, just north of the University, with some houses in rough shape, but others getting fixed up. 

Overall i feel like I'd be willing this more than is realistic, so I won't say at this time that I feel confident keeping the house as a rental. I know 2/1 houses are going to have some regular turn over, which increases my vacancy. 

Thanks guys! 

Hi fellow BPers, my wife and I are considering upgrading houses and keeping our 2/1 house as a rental property? Question for those w/knowledge & EXPERIENCE: is this a good idea, why/why not?

The house is a 1924 property in good condition (roof, HCAV, foundation,etc). Our monthly mortgage is $974 (so ideally rent would be >$1,125/month). I’m not sure we’ll get the desired rent since rentometer says ave is $885?

Considering adding a 1/2 bath in our kitchen pantry which has ample space, in order to add equity (1 bath is a hard sell)

I’d appreciate your input and hard questions, .i.e

What am I not considering?

Thanks!

@Daniel Kim thanks for your response. How about an accountant?

I know a team is critical for investment success. Who’s on your team, and how did you find/approach them?