Investing in Rental Property

[chippewastud79]

Originally Posted by SvilleKid

As a teenager, my father owned 15 or so rental homes. It kept me and my best buddy (builder's son) in very good cash flow doing the constant repairs where needed, plus putting every one of the houses back in livable condition when the renters moved out. It was pretty much a given that every vacated home would need plenty of renovations to get them back into lease-able condition.

If you can do some of the renovations yourself, you will be able to keep those cost to at least a manageable level. Just be prepared that most renters will leave a property in worse condition than they found it. I wish it was otherwise!

On the positive side, there's hardly a better time than now to be to be buying property!

I rarely contract out any work, except electrical and plumbing. Having to drill a brand new well pretty much kicked our ass (I don't drill wells either). Also went through a huge debachle of deadbeat renters who lived for 5 months, paid for 2 and cost me another month cleaning up the mess.