Owning a rental property..
By foursox212
@foursox212 (282)
United States
July 7, 2009 1:22pm CST
Who here has owned a rental house before?? I have once but got rid of it right before the market crash and now I'm debating on whether to get back into it or not. The only issue is it would be located in a town 3 hours away from me because there the houses are very affordable in that part of my state and majority in that town are renters too, I would have to look into someone managing it for me and showing the place and so on, my question is has anyone done this before, long distance rentals?
I hope this was an ok place to post this.
1 person likes this
2 responses
@zandi458 (28102)
• Malaysia
7 Jul 09
I have few houses for rent and a 12 room resthouse. The houses are a stone throw from where I stay and I manage it myself. When you have property for rent and can't manage it yourself because of distance it is better to place it with the property realtors as they can handle it professionally and you only need to pay them a percentage of the monthly rental. They'll handle everything for you and it will lessen your headaches.
1 person likes this
@foursox212 (282)
• United States
7 Jul 09
Thanks for the reply I know thats what I got to do, the frustrating part about this town is there is not an established property management company YET!! I'm meeting with the local realator to look at some houses and gonna see if they'd be willing to have me as their first customer in property management, the town has more renters to owner ratio I can't see why they wouldn't wanna take an interest in managing, extra fees for them.
@endyxy1 (84)
• United States
8 Jul 09
I'd suggest you to hire an Appraiser to see if you could make money from the rental houses. Do some homework to see whether the option is good for you to get back into it. It is not an easy answer. Appraiser can help you seeing the results by gathering information, giving you ideas of renting/expenses and comparing houses, then you decide what to do next. Good Luck.
