It cuts into your profit margin is you have to pay someone else. I know a lot of people pay property management companies to maintain and oversee the rentals, but that costs money. Also the best deals out there right now are for cheapo houses that have to be overhauled. If you can do it yourself, you’re keeping all those labor costs to nil. I don’t know, Keisha. Maybe you need to take a home improvement course yourself at the local community college and learn this stuff yourself. I’m actually thinking of taking a carpentery course myself. I’m sick of nagging my husband to finish with the trim in our house. Might as well figure out how to do it myself. How hard can it really be? I just need the knowledge. We have the tools.
He is disabled. He has severe back and neck issues. They cause hand tremors. He worked as long as he could. We thought he would work till we paid the house off. It got worse faster than we thought so his work fired him from it. The house payoff took way longer than we thought. I know how to find great cheap properties. I just don’t know if maintenance and no pays would kill the plan.
I know my DH can. You also want to buy a steal, but that’s what DR always talks about. One of the blogs I’m reading, the guy always advertises on Craigslist and rents for less than the going rate in his neighborhoods (I think his number is for 90% of the going rate but I have to go back and look. His blog is called Lacking Ambition). Anyway, his thought process is that in renting for less than others in his locale he can cherry pick his renters from a wider range, and the ones he does select end up staying for extended periods because they’re getting a better deal than most. Not bad. Ironically, I just stumbled across an email from a realtor wanting to show DH and I a nearby property with rental potential. How ironic is that? Gotta ask DH how this happened. I haven’t put the word out that this is a consideration. Quite frankly, I want to put more money into a couple of different funds I have in mind first and go for the rental after all that. I’m very excited and optimistic about our future right now. DH income is going up every month, our expenses are going down, and our future is looking very promising. It looks like a lot of us will be going forward this year. I think we’re all a lot smarter for what we’ve been through, so I’m excited about what 2017 will bring every single one of us on this group. :0)