Hello friends! I have an interest in owning rental property and would like your input from those who know about or are currently in the business.
- QUESTIONS OF INTEREST -
What is most problematic in this area of business?
How profitable are housing programs
(HUD)?
What are steps you can take to ensure liability and safety for both sides?
What future/present events are shaping this type of business?
Where would one find information on profitable locations for Rental Property, and what areas one should avoid.
Feel free to talk about anything related to Rental Property even if the question wasn't asked above.
>>1242721
why don't you do the due diligence yourself?
>>1242825
I am, currently, I have been, I still am... I'm just trying to gauge what questions I should be asking, thanks for your input though.
>>1242831
biggerpockets
if you had done your research, you would've come up on this site, and you wouldn't be asking questions here, as they would've all been answered for you.
>>1242843
Well its just one stop on a journey I just started :)
What sites do you recommend for information?
-cheers
>>1242831
I know you're obviously starting a thread and everything but let me give you my own advices.
House rental is shit and expansive when you start in the market, don't listen to the idiots who say it's great, it's simply shit.
Unless you have 10 years experience, you can't build houses or condos yet.
Your only choice is buying an appartement building, you will have to do one year of ''shopping'' before buying your first one. According to the amount of money you have and your salary, you should target something small like a 5-to-10 apt. building. If you don't have any cashdown, kill yourself right now. Otherwise, if you have enough money (according to where you live) you'll need around 20% of the value of the building you're buying.
Also, you will need an extra 10% of it's value in your bank account doing nothing for the first year in case you have anything that needs to be fixed.
Always pay for a specialist to inspect one building if you think it's the good one, but remember you have to go ''SHOPPING'' buildings for the first year, WITHOUT buying anything, even if it's tempting to do so.
>>1242847
biggerpockets...
>>1242843
Would you recommend government housing/(PHA) programs as profitable? and if you didn't have "Fatpockets" would you consider REITS?
>>1242862
i know section 8 housing is booming right now but the people you're most likely gonna get are only half paying for the place they life, if they are paying at all. stay away from anyone who gets welfare unless they are seniors. (which i recommend should be the target market)
reits are overvalued right now and i think with rising interest rates, mortgage applications will fall, but rentals should go up for apartments.
>>1242849
Would you consider single family homes or appartement complex's as more profitable in the long run? I enjoy the emphasis you put on the finding of the property/ the purchase.
-Thanks for you time
