First Rental Property

[Justin Crotts]

So I put an offer on a property (single family) in my area (Columbus, GA) about 40% of the houses current asking price. I'm anticipating about 10-15k in complete rehab with rental bringing in 700-800 a month after maintenance and taxes.

The property is not in the best neighborhood but it the property enables me to buy and improve with cash. Target renter for this propery would be a HUD recipient.

My question is if I go down this route, what should I expect and what can I do now to set conditions as a successful landlord.

[Justin Crotts]

David, thanks for your response.  Our goals with real estate in Columbus is to Buy, Rehab, Rent and Repeat.  We have been living a pretty near ZERO debt lifestyle for so long that it is hard for me to wrap my head around bank loans to support these investments.  

Honestly, what I would like to do here is to find houses that need quite a bit of love, bring them up to date, and be pretty strict on who gets in.  (It sounds decent in theory, we will have to see how it works out...)

Again, thanks for the response.  I'll take the advice to heart.