 Lein on house that I did work on? |
| How would I go about putting a lein on a house that I did work on. The people who own the house paid the company I subcontract thru, but the company did not pay me. Now I was told I could put leins ... |
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 Mortgage pre approval question? |
| I am a first time home buyer and i just recieved my mortgage pre approval letter for $116,000 or a maximum monthly payment of 1281.09 including tax and insurance. I was wondering what should by my ... |
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 Section 8 housing? |
| I am currently on section 8 housing. My boyfriend wants to move in with me. I was wondering I don't want to commit fraud but how long after he moves in do I have to tell housing assistance? I ... |
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 Are house prices going to go down tis year? |
| we are first time buyers and cant really afford much so would it be worth holding on a little longer to see if prices fall?... |
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 Is it safe to tansfer deposit money before signing a contract? |
| I was told by the agency it is normal to transfer the deposit funds + the rent in advance before signing the tenancy agreement. Is that true? Because of the amount involved, I can't help but ... |
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 How can I buy a house when I am refused for a pre approved mortgage? |
| I only have enough money for a down payment but I still have to borrow a considerable amount. But according to the banks I dont make enough to buy a house. But I know once I get the house the ... |
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 Can a person be locked out for non payment of rent,? |
| I am renting a building from a private owner and I run a restaurant, I was in the process of moving to another reidential home with my family and did not open the retaurant for about a week , at ... |
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 Landlords, I need help encouraging a tenant to decide to leave...? |
| I have a tenant that has violated the rental agreement two too many times. I certainly have enough reason to evict him, but would like him to think it is his idea rather than risk evicting him and ... |
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 What are the chances of me getting a mortgage for this house? |
| The house is listed at 88K. I have been out of college for 1 1/2 years. My credit score is around 630 and have been employed with the same company for over a year. My gross income from my full ... |
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 Start paying rent on an apartment at 15??? |
| I am 15 turning 16 on march 28. My fiance is 14 turning 15 june 17 we want to have a apartment payed for by the time im 18 because thats when we are planning on getting married so thats like 2 years ... |
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 How to sell house ASAP. Been on the market for 4 months. Realtor not showing. Houses around me selling? |
| I signed a contract with a real estate agent 4 months ago to sell my house.(It is a 1 year contract) She has not been showing the property. No open house and the information on line is not accurate, I... |
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 How do 18 year olds get approved for apartments w/o a cosigner?>? |
| think about it most 18 years old are not gonna have 2 years of credit history...and alot don't have good terms with there parents....i know alot of timesthey get roomates...so if one person ... |
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 First Time Homebuyer - Down Payment? |
| My husband is in the military, and so right now we are living on base housing. We both work, so we can save some money for our down payment on a house. We both have pretty good credit and were not to ... |
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AL | Is it realistic to be a successful land lord if you work hard and have the money or are my chances slim? |
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sunshine_today
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screen, screen, screen your tenants. Get a complete standardized application from each person who will occupy a unit including their last 3 places of residence with landlord contact numbers, employers, soc. sec. date of birth, etc. VERIFY everything. Call at least the last 2-3 landlords, verify their employment. I can't stress that enough. If you carefully screen you will weed out 80% of your problems before they ever become your problems. Don't fall for sob stories. The only real legitimate sob story is that many people coming out of divorce have a negative credit blip on their record, but usually everything else looks fine and they had good credit previous to the divorce. |
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AlwaysLearning
 |
First, Treat it like the business it is. There is no room for emotions.
Second, It's not for the weak or faint of heart. Tenants can and will be problems sometimes, learn how to deal with the problems before the situation arises. Read books, take courses, ask your local ABA for any help to answers.
Third, Be diligent.
Fourth, Make out a plan to purchase units where they will be best suited to your expectations.
Have fun, I have been doing it for years. Someone once told me that real estate is the only business that you can screw up in and still make a profit. All I have to do is look back to confirm their comment.
Good luck |
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martinmagini
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Yes, you can be successful! Be careful who you rent to. Make sure you have them fill out an application. And get their SOCIAL SECURITY NUMBERS. You will need them later if you ever have to file suit on them for nonpayment of rent so you can garnish their wages. Be sure to ask for a good sized cleaning deposit on the place before they move in. And ask for references and be sure to check those references!
If you are careful who you rent to, you will be very successful.
Good luck to you! |
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Dispirited
 |
I am 20 years old I just bought a duplex w/ 0 down. I don't even know how I did it, but I did it? I have tenants currently occupying both of the residents. So far there has not been any big problems, but if someone moves out I have to find another tenant and from what I hear it's ALL ABOUT SCREENING or your screwed hard to kick out tenants now days, it can take up to 2-3 months. But it's possible make sure you treat them good! And be Fair! Best of luck! |
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JUSTME
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You have to do exactly as you stated in your post. Also be very fair and honest and keep your properties up. |
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turnkeyproperties@sbcglobal.net
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The biggest problem is knowing the market. There are a lot of con artists out there who will just flat out lie to you about what kind of rent they are getting or about occupancy rates to get you to pay way to much for their property.
1. If you have the ability do the remodeling work yourself.
2. If you can buy homes that need work and avoid buying one that someone else has put a renter in you are more likely to get ahead.
3. Know your market, Search Craigsligst, backpage.com, rentclicks.com and your local newspapers. Get to know what stuff rents for and try to factor that into your equations.
If the guy your buying from is telling you he's at 99% occupancy and getting $700 a month in rent. Make sure other properties in the neighborhood are priced the same. You can even ask neighbors how much they pay for rent.
One common trend is to tell you the place is fully leased, when all they have done is fill it with warm bodies that do not pay rent.
Make sure you do not buy a house or residential property based on income alone! Do not pay more than the houses in the neighborhood are selling for even if the rent is high!
Check out my articles on investment property at: http://www.turnkeyproperties.org/resources_details.php?id_art=66556&img_id=0
and http://www.turnkeyproperties.org/custom2.php |
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saulg21
 |
It's a great feeling to be a property owner,but don't get greedy. Treat your tenants like people,not some mindless robots who pay you rent at the beginning of the month.
I agree you should do background checks on your tenants to see who you're renting to. But also do something unexpected for your tenants like pay for an exterminator out of YOUR pocket once a month.
My family and I have been in enough places where the only time we saw the landlord was when it was time to collect. |
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Denise W
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sure- why not.
SOUNDS like a good goal as long as your a good landlord. |
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Rose B
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Unfortunately I know that its realistic. I can say so because I have seen in the news countless times of landlords that own properties and are making a lot of money renting them. I think Donald Trump is a landlord 'cause he owns all of those buildings that bear his name and those buildings rent space.
It also depends on how you do it.
One of the biggest problems with being a landlord is having tenants that pay their rent. Going through an official eviction process is time-consuming and it has to be done right. |
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NeckLover
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Sure! Go for it!
Best wishes. |
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