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Updated over 5 years ago, 06/16/2019
Lots of beginner questions (single family rental properties)
I have a bunch of "beginner" questions relating to (mostly single family) rental properties:
- Where/how else can I find single family rental properties to buy if not through MLS/realtor? (As I hear there are cheaper/better places to find them?)
- Multiplex properties - as far as I can tell - tend to be in "bad" neighborhoods or lower income areas. Do they not exist in "good" neighborhoods? If so, how can I find them?
- I hear banks are hesitant to give you a mortgage beyond 4 rental properties. Where/how are my choices after 4 properties? (My understanding is that the 4 max mortgages is only counting investment properties, not primary properties, correct?)
- What are the "specs" of the highest demand (single family) home for a rental (number of bedrooms, baths, 1 or 2 garages? Garage vs car port?) My understanding is 3BR 2BA - if you include the demand for "resale-ability"? Is a garage recommended for a rental?
- Is it worth converting a garage into a bedroom for a rental? Is it worth adding a carport if a rental doesn't have a garage?
- What are the best type of tenants (that will stay long-term)? My understanding is a family (single or married) with kids?
- How are expensive (high end) homes a good rental? It seems the low-to-mid-range homes are better (in terms of cash flow)?
- What type of neighborhoods are best for single family rental properties? My understanding is neighborhoods that do not have low crime rates, and have a medium-to-high public high school rating.
- How often should routine professional (re)inspections be done for a rental?
- My understanding is that laminate for flooring is best in a rental. But should bedrooms also be laminate or carpet?
- What is the best way to sell a rental property with a tenant in it (but not to the tenant)?
- Where can I find/get a sample Move Out List to give to tenants (list of items to clean/fix before tenant moves-out)?
- Is it possible to find good financing for rental properties during high interest rates where you can still make good cash flow?
- This is here because I don't want to have 13 questions :-)
Thanks for any help :-) Starting to (slowly) get into things...