New Business?
Jun 11, 2015 | 02:55 PM
#14
Staging Lane
Joined: Jan 2012
Posts: 99
Likes: 0
From: Louisville, KY
I know this gets a bad rap a lot but, I've had success with residential rental property. Single family dwellings in low income neighborhoods only though, no apartments or multi-tenant units. People ALWAYS need a place to live!
Plus if you get a Section 8 tenant, that money is GUARANTEED in the bank on the 1st of the month, even on Sundays! With every business venture you have headaches, this one is no different. However, to put the numbers out there, I bought my first rental house in a not great neighborhood, 3bdrm, 1bath, 900sqft, paid 38k for it, put about $7k worth of work into it, the house rents for $700 a month, my monthly mortgage is $243. $457 a month profit doesn't seem like a lot considering the work you put into it, however this is a long term investment, and people who are successful in this business have 20-30+ properties.
Just my .02....
Plus if you get a Section 8 tenant, that money is GUARANTEED in the bank on the 1st of the month, even on Sundays! With every business venture you have headaches, this one is no different. However, to put the numbers out there, I bought my first rental house in a not great neighborhood, 3bdrm, 1bath, 900sqft, paid 38k for it, put about $7k worth of work into it, the house rents for $700 a month, my monthly mortgage is $243. $457 a month profit doesn't seem like a lot considering the work you put into it, however this is a long term investment, and people who are successful in this business have 20-30+ properties.
Just my .02....
