anyone own rental properties on here?

I have had rentals for about 35 years. Houses & duplexes. I am down to one now. I think it is a great deal.

You have the right goals to start. It likely won’t make a lot of money for awhile. If you buy in an appreciating area, you can build good equity.

A few things to consider:

1. Are you good at home maintenance? If you can’t do most / all of it, that can chew up you profit quickly.

2. Do you have some cash reserve to pay for unexpected expenses / vacancies?

3. Do you have the personality / tolerance for the renal business? I have had nice renters & scumbags. Can be pretty hard to tell them apart sometimes in the beginning. Can be difficult dealing with them. If you will need to drive by it every day to see if it is still ok, it is probably not the deal for you.

4. Rental contracts are generally unenforceable. I have never collected a dime from anyone who owed me money. The best you will likely ever get is to keep their deposit. Even if you go to court and get a judgement, how do you collect from someone with a negative net worth?

I am not trying to discourage you, just want to make sure you have your eyes open going in.

Investment properties generally have less favorable financing terms, need more money down & have higher rates. The best rental house may be the one you are living in, if you can make that work.

On the positive side of this, most of your tools become tax deductible. You can make good money an build a lot of real estate equity. It just takes time and patience.

I would be glad to talk with you, just pm me if you want to chat.