All Forum Posts by: Tim S.

Thanks!

Haven't gone into business yet. This is the research phase and why I'm asking the question.

Do SFHs need inspection/approval by the city before renting them out? Are there any other steps to take to make sure I'm legally renting the home out? It is the home I currently live in and there are other SFH rentals in the area.

I agree that seems very high. Of course it depends on the size of the home. 

Even here in the cold wisconsin winter our heat bill is less than $100/month with the heat at 75. We have natural gas furnace. But we have a small home about 1100 sq ft. 

As others have suggested I would start with an energy audit. Find out where you're losing heat and suggestions for what you can do. I'm guessing the suggestion will be a natural gas furnace and adding insulation to some of the more accessible locations. 

Thanks!

I want to use a HELOC to fund my next SFH purchase. I have never used a HELOC before. Does it matter to the bank what the money is used for? The house I would like to purchase is distressed. I doubt they would give me a conventional loan based on the home inspection but do they require an inspection for a HELOC?

My guess is the nephew had calculation errors. I've seen many houses on the market that would make great and profitable flips.

Josh Mitchell While I know that's an obvious first thought, I am wondering about other aspects: a future administration imposing taxes/fees to landlords that creates tighter margins. Also I read an article recently about the increased rate of some of the older generation passing away or moving into assisted living/retirement homes and how it could leave homes empty. There was a time that pensions were never going away either. Just thought I would discuss the future of being a landlord

Do age of the rental properties play and role in your decision to purchase them? Assuming the foundation is still sound. I am looking at SFH in several neighborhoods. Ages range from 50-100 years old. Personally I don't see any problem with the older homes as long as they are still structurally sound but I wanted to get other people's take. Maybe some notice it more difficult to rent in older neighborhoods?

I'm in my 20s, live in my own SFH that is nearly paid off and looking to buy my first SFH rental property. Over the next couple years I would like to own about 10-20 SFH. I work a full time job so these rentals would be more of an additional income, safety fallback in case something happens to my current job, and most importantly retirement income. Although I know it's impossible for anyone to know the future this is more of opinions and guessing. My question is what do people think about the future of owning many single family homes? Are there threats that would make owning and renting SFHs not profitable. (Political, government influence(taxes/fees), population/homes available) What about in 30-40years?