it’s a lot, two years taxes usually- few months bank statements , 401k, pay stubs... lots of stuff to read and sign...
What do you guys do for work?
- Thread starter tvbbnumber41
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it’s a lot, two years taxes usually- few months bank statements , 401k, pay stubs... lots of stuff to read and sign...
You do realise
fishhead0103666
that when you buy an house, unless you have shed loads of cash, the usual way is to get a mortgage, usually over 25 years, that's the case in the uk anyway. If you were to rent out that house pretty much straight away your rent would pretty much be servicing your mortgage every month, so profit for yourself is practically zero! This would go on for years and years. Throw into the equation bad tenants who piss you about and maintainance costs on your precious little house, and things can turn very costly very soon.On a more positive note. If you do have a house that is fully paid up, ie no mortgage, and you do get good tenants who pay you regular every month, and who don't abuse and wreck your property, thus incurring maintainance costs, then YES renting houses can be a good income.
I rent my house out, which was paid off in the early 2000's. I have a good friend living in it who pays regular and who respects my property. It's a nice little earner for me.
All i'm saying is don't go into it with dollar signs pinging in your head.
You do realise
On a more positive note. If you do have a house that is fully paid up, ie no mortgage, and you do get good tenants who pay you regular every month, and who don't abuse and wreck your property, thus incurring maintainance costs, then YES renting houses can be a good income.
I rent my house out, which was paid off in the early 2000's. I have a good friend living in it who pays regular and who respects my property. It's a nice little earner for me.
All i'm saying is don't go into it with dollar signs pinging in your head.
I agree with this, we have a rental property that's almost paid off. The tenants are respectful and always pay on time but are also extremely fussy and demanding. As it's an old house so there's always something to fix but as they pay on time we like to fix things promptly. Add in agents fees, taxes and maintenance and it's not the waterfall of cash we expected. I'd get some serious qualified financial advice on how all the behind the scenes stuff before you take the plunge. Best thing is buy a small place for yourself first, you can upsize and rent it out when all the junior
fishhead0103666
s come along......
Thank you
dr exum
for answering my questions, I do appreciate it.
As for
esoxlucius
yes I do know that the profits are not a lot in the monthly income, you get some if you did your research right and got a property that cash flows, but the monthly income isn’t the single most important thing, the higher your portfolio is worth the more buying power you have which leads to more units and again more buying power. The first one is the hardest but once you get going it’s a snowball effect. I saw it described on an episode of bigger pockets where they said it was a pyramid first year you get a single family, next year you get a duplex, then a 4 plex, 16 plex, and so on and so forth. The main idea is to increase, in this plan doubling, your units every year thus being a pyramid where you start at the top with one and end up with many at the bottom.
As for bad tenants that’s to be expected which is why you put a portion of the rent aside for repairs and on that topic you also put aside another portion for long term big repairs such as a new roof.
As for
twentyleagues
I am confident that I can do it myself, I have the lives of thousands of people online at my fingertips, all I have to do is reach out and get it and I’ll have all the information that I could ever want and more regarding landlording. Regarding the “water fall of cash” that’s the issue with people, they go in and expect to make a lot but don’t realize all the costs that go with it, I’m not going into it with the mindset of get rich quick, no, I’m playing the waiting game and building my wealth over the years so that I can fund my end goal.
There won’t be any midget fishhead0103666s running around, not everyone wants kids or should have kids.
Hopefully I didn’t sound rude or as if I was talking down to either of you, if it did please do let me know as it was not my intent to do so.
dr exum
for answering my questions, I do appreciate it.As for
esoxlucius
yes I do know that the profits are not a lot in the monthly income, you get some if you did your research right and got a property that cash flows, but the monthly income isn’t the single most important thing, the higher your portfolio is worth the more buying power you have which leads to more units and again more buying power. The first one is the hardest but once you get going it’s a snowball effect. I saw it described on an episode of bigger pockets where they said it was a pyramid first year you get a single family, next year you get a duplex, then a 4 plex, 16 plex, and so on and so forth. The main idea is to increase, in this plan doubling, your units every year thus being a pyramid where you start at the top with one and end up with many at the bottom.As for bad tenants that’s to be expected which is why you put a portion of the rent aside for repairs and on that topic you also put aside another portion for long term big repairs such as a new roof.
As for
twentyleagues
I am confident that I can do it myself, I have the lives of thousands of people online at my fingertips, all I have to do is reach out and get it and I’ll have all the information that I could ever want and more regarding landlording. Regarding the “water fall of cash” that’s the issue with people, they go in and expect to make a lot but don’t realize all the costs that go with it, I’m not going into it with the mindset of get rich quick, no, I’m playing the waiting game and building my wealth over the years so that I can fund my end goal.There won’t be any midget fishhead0103666s running around, not everyone wants kids or should have kids.
Hopefully I didn’t sound rude or as if I was talking down to either of you, if it did please do let me know as it was not my intent to do so.
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I didn't say anything about this. I'm guessing you mis-taged me?Thank you
As for
As for bad tenants that’s to be expected which is why you put a portion of the rent aside for repairs and on that topic you also put aside another portion for long term big repairs such as a new roof.
As for
There won’t be any midget fishhead0103666s running around, not everyone wants kids or should have kids.
Hopefully I didn’t sound rude or as if I was talking down to either of you, if it did please do let me know as it was not my intent to do so.
Man this is the second or third time I’ve mis remembered
Ogertron3000
, my apologies to both of y’all.
Man this is the second or third time I’ve mis remembered
Could be age related
Man this is the second or third time I’ve mis remembered
No worries, im getting used to it by now......
You didnt sound rude in your other post either so dont stress.
i work in an underground gold mine in western australia. 1.5km underground driving a truck through tunnels to pay for fish ****.
