What are the risk involved in owning rental property
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@ReligiousZombie Yeah, you're right. Little kids are just as bad, if not worse than the college kids. Even kids that have great parents sometimes manage to do some fairly serious damage to a house. Renting is kind of a scary thing either way. I ended up not taking on the rental. Who knows if it was a good idea, but glad it's not over my head now. And those laws suck! You should be able to rent to whomever you want!
EuroInvicta 1 year ago
@EuroInvicta I'm not sure a "stable family" would be any easier on a house than college kids. I knew a property owner who had several hundred dollars of repairs after a family had moved out--crayon marks on the walls, toy parts deep in the plumbing, septic tank full, etc. He told his manager, "I don't want any goddamn families in there anymore." (She told him, though, that he couldn't discriminate against families, according to FHA rules.)
ReligiousZombie 1 year ago
i hate being in this situation. I would like to sell both of them but i know that would be a really bad idea because of the market right now. if i rent to college kids i will get $ 1000.00 a month instead of just renting it to a family and charging $ 500.00.....im sure they will tear it up but im thinking that the extra flow of money will atleast help pay to fix it up when they leave?............lots of things apply to my situation ....im in dyer need of money as soon as possible
bushnewman 2 years ago
Hey, I'm in a somewhat similar situation. 25 and about to buy out my sisters on a rental fourplex my dad left me...I'd say try not to rent to college kids! You know how they party, they might tear it up. A stable family might be better if you could. Also research laws about renting in your area and make sure there's good insurance! And that emergency fund is key, that's what I need asap too. Good luck! Kind of a nice position to be in at such a young age, huh?
EuroInvicta 2 years ago
i have two houses that my father left to me. im 25 and have no idea how to rent these houses out the small one im living in right now its a two bedroom with a very damp basement ......the other is right next door and has four bed rooms two full baths and a log cabin built onto the back as a sort of party room......i want to rent then to college kids and charge 250 a person but i dont know how to go about it....if you could help please feel free
bushnewman 2 years ago