Thinking about Buying the house next door for rental property...

Defying · Apr 7, 2016

Mrs Defying and I are thinking about buying the house next door as a rental property... Anyone with experience in this?

We'd probably try to rent it by room as we are in walking distance of a college here, plus with her job we should be able to get some travel nurses that are looking for short term furnished living thus higher rental price..

Advice? What are things you wish you knew before getting into it?
It's a old big ugly home.

MattyMatt · Apr 7, 2016

"It's an old big ugly home..." Almost answers the question, or does it?

You know better than us I guess, but sounds more like a flip than a rental...

MikeB · Apr 7, 2016

Set up hidden cameras, you'll make a fortune.

RoofTop · Apr 7, 2016

Rent it to a bunch of hotties. Trade rent for sexual favors.

Defying · Apr 7, 2016

MattyMatt said:
"It's an old big ugly home..." Almost answers the question, or does it?

You know better than us I guess, but sounds more like a flip than a rental...

priced right..
and I dont think a flip is here, they've already tried to fix it up some, still improvements that could be made. any money that would be spent on renovations would be to make it as profitable as possible in terms of renting it by room

Defying · Apr 7, 2016

RoofTop said:
Rent it to a bunch of hotties. Trade rent for sexual favors.

MikeB always wants to watch, it just makes me uncomfortable.

MikeB · Apr 7, 2016

Defying said:
MikeB always wants to watch, it just makes me uncomfortable.

Clearly you need more guidance.....

Set up the cameras in the hotties (College Girls and Female Nurses) bedrooms and showers.....jeesh....

919 · Apr 7, 2016

We rent and flip. From my experience, I don't think I'd want to have the rental property that close to my home...

steve3200 · Apr 7, 2016

Renters break, and steal alot of your stuff. Faucets and doors, moldings, and anything in the house, you need to buy cheap stuff.

Enfuego · Apr 7, 2016

I wouldn't rent it out room by room. Pain in the ass. Rent it out and let it be sub let if the renter wants.

Being a landlord is a pain man. Hope you have some patience.

Betallsports · Apr 7, 2016

MikeB said:
Set up hidden cameras, you'll make a fortune.

cheersgif

Betallsports · Apr 7, 2016

MikeB said:
Clearly you need more guidance.....

Set up the cameras in the hotties (College Girls and Female Nurses) bedrooms and showers.....jeesh....

or he can set up Milf site and you know Wilbur will be the first to sign up

JustinCruise · Apr 7, 2016

Most people I know who have gotten into rental properties say it's a massive headache.

MikeB · Apr 7, 2016

Betallsports said:
or he can set up Milf site and you know Wilbur will be the first to sign up

You must mean GILF site

bounceback · Apr 8, 2016

JustinCruise said:
Most people I know who have gotten into rental properties say it's a massive headache.

It can be, but also can be very, very profitable.

bounceback · Apr 8, 2016

room by room tho? lol

that would seem like a circus

MattyMatt · Apr 8, 2016

bounceback said:
room by room tho? lol

that would seem like a circus

Sounds like a halfway house...just what everyone dreams to live next door...

PatsFanatic · Apr 8, 2016

JustinCruise said:
Most people I know who have gotten into rental properties say it's a massive headache.

I've had the opposite experience. My father owns 12 units, lives a very nice retired life because of them.
My Brother owns 3 units on his property, and last fall bought the two family next to him. They were occupied with tenants already so he didn't have to do a thing. He could get fired tomorrow and be just fine.

I have one renter (Loading dock and storage area) at my business and he has been there 4 years. Great having extra cash every month.

But chasing rents is work. If you're lucky you find some really good "lifers" and don't have to turn over tenants much then its a piece of cake.

I would suggest looking at how strong the rental market is in your area first, but I think its pretty strong across the country.

dirtymoose · Apr 8, 2016

Looking into the laws regarding rentals first.
Here in NYC it's a long drawn out process to evict someone if they won't willingly leave on their own. The renters have all the control.

I just recently some my place and moved in with the gf, her mother own a 3 family. Getting the tenants out before wexcould move in was like pulling teeth.

I was going to buy a property to rent with the moneyffrom the sale, after see how difficult being a landlord was, I'll pass.

MattyMatt · Apr 8, 2016

dirty moose said:
Looking into the laws regarding rentals first.
Here in NYC it's a long drawn out process to evict someone if they won't willingly leave on their own. The renters have all the control.

I just recently some my place and moved in with the gf, her mother own a 3 family. Getting the tenants out before wexcould move in was like pulling teeth.

I was going to buy a property to rent with the moneyffrom the sale, after see how difficult being a landlord was, I'll pass.

Yea, it's complete and utter BS. Renters have way more rights than landlords. Then you have to worry about illegal evictions, the fees to go along with, and most importantly, TIME! Long term renters are golden, but most seem to be slum and squatters...

Thinking about Buying the house next door for rental property...

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