That's about it. With a turnkey property, you are most likely going to pay at the market or above if there is already a tenant in place. PM companies are going to charge you a ton of money for little return. You can hire out a contractor to make any repairs necessary.

My advice is to buy in the same area you live and manage it on your own. Have an attorney/ real estate agent who knows their stuff help you draft up a lease and self manage the property.

D claws Ferrari divine & coke . Bruh

>>1081662

Thanks. I've got to do more thinking, because there are a couple properties around here that I'll probably be able to fill with the gas/oil swell, but I'm not sure if I'll be able to get quality tenants.

Gas/oil people prefer cheaper places they can fuck up.

Thank you for responding, comrade.

>>1081662
>property managers are expensive
>have a lawyer draft the lease.

You literally hire the property manager to avoid legal pitfalls because they cost so much less than hiring a lawyer.

Property managers will take 10 percent, which isn't that bad. But you can always legal zoom a lease. I made a thread on diy a little while back detailing how to gut a house fucked by bad tenants. You can learn most basic maintaince skill from YouTube

>>1081736

Property managers were the cheapest part of not handling yourself, I thought, but I thought it was hard to secure one for someone getting started (with perhaps just one rental home).

This is going to sound like a dumb question, but is it legal to rent the property to pay the mortgage?

>>1081736
Always read your property location's laws and know them well. Some locales will not allow you to perform ANY maintenance work on a rental property. Some will allow only minor work and others basically give you the farm to add additions and make modifications to a building.

>>1082672
If you need to ask this you aren't in position to be buying rental property.

>>1082684

One doesn't plan for moves the instant before he makes them. Usually, you'd want to start planning far before you're ever ready, so that you've gotten past your stupid questions.

My family does this so I'll tell you a few things I think are important;

Maintenance can knock months of your rental income or even send you into negative for the year. Our family does as much diy as possible ourselves which is much much cheaper.

Property is not a liquid investment, which means you have to sell the house to get the money back. Which means you need a buffer of cash for anything which you might have to pay out. Generally the recommendation is the cost of a new boiler, or 2-3 months gross rental income.

You need a lawyer who specializes in property, in addition to a rental agent (if you don't do that part yourself). There really is no way around this, you can't draw up legal stuff by yourself. This obviously needs to be budgeted for in the purchase price.

>But, I've seen bad tenants before and they fucking wreck the place, and I don't know how to fix anything more complicated than basic carpentry.

There are legal ways to get money back for this. One thing is to ask for a deposit which you give back once you've checked over the place when people are moving out, this is actually standard practice.
Also you should vet any prospective tenants, asking for references and proof of income. A good letting agent should know who to rent to and who not to. Although if you buy a property which targets the lower end of the market you might not have a choice of who to rent to, so think about that before you buy.

>This is going to sound like a dumb question, but is it legal to rent the property to pay the mortgage?

I don't know how it works where ever you are, but in US/UK that is how the vast majority people do it. In the UK we have specialist mortgages to do this called "Buy to let" mortgages, I assume there is a similar thing in US/Canada ect.
The theory behind this is that you can get a good roi yearly (by renting the property) and own a house at the end of the mortgage if done correctly.

Ask me anything, I know a bit about this from a UK perspective tho.

>>1082977
Size of your family's property portfolio?
Average ROI over the last 5 years?
How sensitive is the business to future interest rate increases?

>>1082977
>One thing is to ask for a deposit which you give back once you've checked over the place when people are moving out, this is actually standard practice.
Also you should vet any prospective tenants, asking for references and proof of income. A good letting agent should know who to rent to and who not to. Although if you buy a property which targets the lower end of the market you might not have a choice of who to rent to, so think about that before you buy.

These and credit checks scare off most bad tenants. Monthly visits with advance notice via certified letter can catch a lot of problems before they become serious.

>>1082985
>Size of your family's property portfolio?

We have six rental properties in the south of England.

>Average ROI over the last 5 years?

In rental income, not capital growth (the price of the properties appreciating). Just under 9% a year net roi. Which is very good btw for the location (south of England), although some people get higher in other parts of the county.

>How sensitive is the business to future interest rate increases?

Very good, we've been doing this along time so we own three of the houses out right with no mortgages. If something disastrous happened for whatever reason we could always remortgage one of those.

Where's the Blue Audis?