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moe.ron · #1 12-23-2002, 11:53 AM

Anybody here a landlord? I'm thinking, with a few friends, of buying houses in my alma mater (sp?). We're thinking of buying about 2 houses to start with. Just wondering, what is the experience in term of profit. Can u live of rents? Or is just another way to compliment a salary?

33girl · #2 12-23-2002, 12:02 PM

How far away from where the houses would be?

You can definitely make a living off it, but I think it takes a few years until you start seeing it.

damasa · #3 12-23-2002, 12:07 PM

Quote:

Originally posted by Arya
Anybody here a landlord? I'm thinking, with a few friends, of buying houses in my alma mater (sp?). We're thinking of buying about 2 houses to start with. Just wondering, what is the experience in term of profit. Can u live of rents? Or is just another way to compliment a salary?

After a few years you can make a killing, if you do it right. One of my friends is actually starting to look at buying up property around our school and I'm thinking about joining him in that venture. Think about it, students are always going to need a place to live and around here there is somewhat of a shortage so landlords charge high prices=mad profit down the road.

moe.ron · #4 12-23-2002, 12:09 PM

about .53 miles from campus. or 1 minute drive.

justamom · #5 12-23-2002, 10:40 PM

I have to agree with Damasa! IF you do it right. My Mom owns a duplex and rents it out. Friends that we knew right out of college did this and are sitting pretty. IF you can do some work yourself, you don't get sucked dry in repairs. My mother gives a rent break if the people can replace dripping faucets, mow the lawn and do basic tasks ANYone should be able to do.

The biggest problem is screening the renters. Second, if you have more than 2 Ins claims (in Tx) they can drop you. She almost got dropped after the last storm-property is in Corpus.
Just remember-
1-Never own the biggest house on the block.
2-LOCATION (location, location) Its just as desireable a point with renters as buyers.
3-Once a renter moves in, EVERYTHING goes by the LETTER of the law, not the heart of the law. BE CAREFUL. Spend the bucks to kick off the project and cover your arse as best you can. Then GO FOR IT!!! It would REALLY help if you had a CLOSE friend who knew real estate law!