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tanya22 View Drop Down
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Direct Link To This Post Topic: Real estate investment
    Posted: Aug 11 2009 at 10:56am
Does anymore invest in real estate or own rental property. I need to know is this a sucessful business, or does it cost more than what it is worth to purchase and maintain the property. I own my own home, but I also want to purchase a multifamily property as rental property. Any suggestion??? I need ALL the help I can get.
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TooBlessed View Drop Down
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Direct Link To This Post Posted: Aug 11 2009 at 10:59am
Investing in real estate is the best, but you have to know what you are doing.
 
I own a rental property and in the last year alone I've had three sets of tenants.  It is NOT easy being a landlord, but once you get a decent tenant you hold on to them for dear life.LOLLOLLOL
 
Also, you should NEVER rely on your tenant's rent to pay for the mortgage on the property, ALWAYS have extra, extra funds in your account for those 'just in case' moments because it will definitely happen.
 
 
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tanya22 View Drop Down
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Direct Link To This Post Posted: Aug 11 2009 at 11:15am
I heard that you should have 6 months rent saved up for emergencies, is that true or should it be alot more. What type of property do you have?
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Direct Link To This Post Posted: Aug 11 2009 at 11:26am
Originally posted by tanya22 tanya22 wrote:

I heard that you should have 6 months rent saved up for emergencies, is that true or should it be alot more. What type of property do you have?
 
Six months?  I had three and it saved me.
 
I have a single family house with 5 bedrooms and 3 full baths so every one that I interviewed had to have a family that would fill the house because there would be no subletting.
 
ETA:  if you want me to email you a list of interview questions for potential tenants, PM me your email addy.
 
 


Edited by TooBlessed - Aug 11 2009 at 11:27am
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Direct Link To This Post Posted: Aug 11 2009 at 11:29am
I wanted to also add that if you are getting into rental properties for the first time, do not go the section 8 route.  I did for my first property and I didn't realize that you had to follow the county's guidelines and not so much your own when you wanted to get rid of the tenant.
 
 
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RedGal79 View Drop Down
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Direct Link To This Post Posted: Aug 11 2009 at 11:42am
Originally posted by TooBlessed TooBlessed wrote:

Investing in real estate is the best, but you have to know what you are doing.
 
I own a rental property and in the last year alone I've had three sets of tenants.  It is NOT easy being a landlord, but once you get a decent tenant you hold on to them for dear life.LOLLOLLOL
 
Also, you should NEVER rely on your tenant's rent to pay for the mortgage on the property, ALWAYS have extra, extra funds in your account for those 'just in case' moments because it will definitely happen.
 
 
 
I Agree with everything she said, especially the bolded.  My sister and I have a tenant now who's having "money issues". 
 
This is our first crack at having a rental property, and so far it has been a learing experience. 
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tanya22 View Drop Down
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Direct Link To This Post Posted: Aug 11 2009 at 12:52pm
Thanks for all the tips. I need as much information as I can get.
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Direct Link To This Post Posted: Aug 11 2009 at 1:09pm
I'm glad you asked that question.. I've been looking for people to tell how they got started... Did any of you need a mentor?? I also read alot of information on REI club which is a national real estate investment club...
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tanya22 View Drop Down
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Direct Link To This Post Posted: Aug 11 2009 at 1:43pm
Good questions Sinnamon, I need to know too!
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ericas View Drop Down
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Direct Link To This Post Posted: Aug 11 2009 at 1:49pm
My parents did.  The only thing I can say is choose your tentants wisely.  People aren't as nice to prooerty that they don't own.  Also, make sure you can afford the mortgage just in case your tentant doesn't pay.  Real Estate is always good to invest in but it can also be a headache.   Oh see if you can hire a "Super" just to maintain and look after the property.   Usually you can let this person live in one of the apartments for 1/2 of what they'll  pay in rent.   
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