Profile picture for melodysong92063

Buy a house to rent it out for profit.

I want to buy a house for rent. My budget is about $200,000. I want a house nearby Atlanta. My question is which area and what kind of house is easier to rent? and are there any agencies who could help me to manager the house,such as rent it out, and charge the rent?
  • February 13 2014 - US
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Answers (3)

Profile picture for Happybidr
From an experienced real estate investor: Check on Angie's List for good property managers.  They can make or break your investment.  For my local properties, I manage my own and because I renovated the properties with nice details, they rent quickly and rarely have repair issues.  My experience: real estate brokers put property management at the bottom of their agency's priority list, so you'll need to stay on top of them if you go that route.  Consider looking at commercial real estate, too.  Look on Loopnet.com to see what's available in your area.  The price you should pay for CRE is based on how much income it produces prior to paying the mortgage (i.e., $10,000 annual net income on a $100,000 property is a 10% return).  Get a nonrecourse loan (so it doesn't count against your personal assets).  Small apartment buildings can be good, too.  Residential lenders will handle those mortgages for four apartments or less.  Only buy in a decent neighborhood.  Add in special touches so the house will always show better than the competition. Granite countertops are always a huge winner. 

Use Craigslist to rent out your property.  You'll get more rental income because it's hard to renters to compare property prices there.  Do NOT buy a house that's smaller than 3 BR/2 BA.  Check rents in various areas around Atlanta to see who is charging what.  Location location location!  Remember public transportation, shopping and schools.  Good luck. 
  • February 19 2014
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Yes-I am in Atlanta and am happy to connect with you.
  • February 14 2014
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Call some local real estate companies and meet some Realtors that can help you with all your needs, plus it's free to you.
  • February 14 2014
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