All Forum Posts by: Edith TenBroek

Yes, I think we are definitely leaning towards hiring property managers. Even with the extra cost, I think the returns are so much higher further from home that it will be worth it. Plus I won't be driving by all the time like a worried mother hen! ;)

If you are heading to college, you should look around for college housing opportunities. You may not want to do this immediately, but when you have some cash saved (work full time in the summers!) buy a small house and rent out the extra bedrooms to college roomates. This may be a great way to get your mortgage paid or mostly paid. Then, when you are ready to head out into the world, you will already have one student rental ready to rent out.... just rinse and repeat!

Good luck and keep us updated!

Thanks for the info everyone! Unfortunately close to home there is very little that cashflows. I'm in a tiny town with low rents, high taxes and high prices. Can anyone point me to a blog post, or discussion thread on how to find a good property manager? I'm pretty sure we are going to have to go that route if we want to get into this business.

Thanks!

Edie

In the interest of taking care of the problem permanently, look into ways to add additional off street parking. Is there room in the yard, front or back, to add a parking pad? Even a graveled spot would work to start. If in the back, they would each park in the yard, and the driveway would only be used for getting in and out. In the front, you could add a parking spot to one house, and let the other use the drive.

Just thinking out loud here. Good luck!

I live in a rural area. We are in a small town of 2700 outside a larger city. We have a lack of rentals in my area. Unfortunately the cash flow is poor. High property costs and low rents don't make for good investments. (That may be why we have a lack of rentals??) If you are looking in a rural area, connect with a realtor in the area. They can probably give you info on whether or not rentals are needed.

Good luck!

If the blinds are dripping with tar its probably so bad you have to remove the carpet. Replace the blinds, and consider replacing the carpet with hard flooring if appropriate. Bummer you have to deal with this!

I think the girls weekend or scrapbook week etc would work well at the moms to moms sales. Offer off season discounted weekends and see what happens! Also, off season family get away for families with kids younger than school age would work.

Another online venue for vacation properties is airbnb.com. I've only looked for places to stay, so I don't know much about the rental side. But I thought I would throw it out there.

I agree with your decision to rent. From what I can tell it looks like your payment with interest is $650, and you will rent for $1600? That meets the 50% rule. You know the condition of the house. You know the neighborhood. I think you have a lot going in your favor. So take the extra cash from the rent, throw it on your mortgage, and build equity even faster. Then if you like the landlord biz you can cash out some of your equity, or even sell at a later date, and buy something with even more cashflow!

Good luck!

Edie

I know little about California, but here in the midwest grass goes completely dormant and looks dead during the winter months, and again if we have very hot dry weather in the summer. We tend to have large lawns here, and many people just let it go brown rather than irrigate, but it always comes back!

Good Luck!

Hey all!

I've browsing around looking at houses and most of the deals out there are at least 45 minutes to an hour away from home. How far away from home do you manage your own properties? What's your limit for distance?