Since I last wrote on this blog, I've been busy. I've bought 5 rentals, redecorated 7 houses, and am in the process of the 8th, and more and more I'm being asked questions about remodeling and rentals, and less about my real job of being a realtor so....I'm going to start writing more about what people are asking me about.
Rentals. My experience is that buying low, even when repairs are necessary, is the way to go. I have 5 rentals that cost less than $35,000 and they rent from $400 to $850. Yet if I bought one at $70,000 I doubt I'd get more than $950 for it; so why spend more to get less.
How do I find houses, real honest to gosh houses for this price. Two of mine were rentals for realtors and they were tired of the business or needed funds for other things and they hadn't sold in several months+, taxes were soon going to be due and they wanted them sold before taxes were due. Then two of them were estate homes. Kids inherited houses needing repairs and taxes paid and they just wanted out. My final one was a Fannie Mae repo. So I say buy low, renovate, rent high.
Until next time.
