My first possible deal, need advice

[Ryan Blake]

Hi everyone.

I'm gonna jump straight into it...

So, talking to my Grandmother while visiting her last week, she mentioned to me that she is having a hard time renting her house out in Jackson, MS. I don't know any details as of yet but it belonged to my Great Grandmother and Im more than positive there is tons of equity in the place.

Id like to know options, would love to hold on to it... Maybe offer a small down, and lease to own. If not, i may keep options open. I can get a few more details within a week.

[Adam Smith]

@Ryan Blake

Without knowing more details it is hard to say what to do.  I will say that you should look into why is it hard to rent?  Bad area, no jobs?  Not a high rental market vs home ownership? To high of rent? Needs repairs?  I don't know much about the Jackson, MS area though so take that for what it is worth.

I would start out by learning the area.  Learning what comparable rentals are renting for. Learning more about the property and property management if you are in California and the property is in Mississippi. 

Once you know all of the details on the property as far as fair rent, condition of property, property management (if needed) costs and services then I would look at if it makes sense to try and buy it.

Since it was your great grandmothers home it could be tricky.  We only have two rentals and we have no connection to them.  They are nice homes but we have no emotional connection to them.  If a renter puts a hole in the wall then we will take it out of the deposit, if the house is messy then oh well, they are not breaking the lease.  This being said our renters are very clean and have taken very good care of the homes. 

We personally would not rent out our personal home that we live in now because it is where our daughter was born, we have great memories here.  We landscaped the entire front yard.  We would be devastated if we rented it and the tenant let it go.  We remodeled bathrooms and we would not want to see them destroyed....not saying they would be but a renter will not treat your great grandmothers home like you would.

Hope this helps.  Get more information and keep us posted!