Profile picture for newguy66

What do I need to consider when buying a rental property??

I am 24 years old, just finished my bachelors degree and looking for investment opportunities.  I have been putting serious thought into buying rental properties.  I need some advice on how to go about picking my first property.  I want to hear some cons of owning rentals besides the renter not paying.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 05 2009 - US
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (2)

Profile picture for sen2
  • sen2
  • Contributions:15
Use a good property management firm and they will help you select a good neighborhood, pay the right price, and keep you from having so many headaches.  Just make sure that you include their fees in your monthly cash flow calculations. 

Don't try to manage them yourself, otherwise you went to school to be a maintenance man.  Be smarter than that. 

Join the local land lords asoociation.  There is a wealth of knowledge and mismanagement that you will learn from other people doing what you want to be doing.

Also know that this is not a get rich quick scheme.  Don't believe that you can do it completely without investment cash of your own.

Good Luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 05 2009
Profile picture for wetdawgs
The cons of rental properties:

1.   maintenance costs are more than planned.
2.   renters are hard to come by so there are many months without cash flow
3.   renters do more damage than covered by security deposits.
4.   renters cause problems in the neighborhood (noisy, too many cars, dealing drugs etc).
5.   The teddy bear gets stuck in the toilet at 2 am and causes a flood, and flurry of phone calls to your house.

Be aware, that the down payment requirements for rental properties are much greater than for purchasing a primary residence.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 05 2009
 
Related Questions
Buy a Condo or a townhouse
Profile picture for Jared Thom
Latest answer by Jared Thom
1 hour 37 minutes ago | 2 answers
100% FINANCING FOR ALL REAL ESTATE INVESTORS!!!
Latest answer by SteadyState
19 hours ago | 3 answers
buying investment property out of state
Profile picture for Thomas Wright
Latest answer by Thomas Wright
19 hours ago | 4 answers
  • Asked by zuser20140610124812009
  • In Investing
  • September 01
Looking for a good contractor for some upcoming fix and flip projects
Profile picture for Thomas Wright
Latest answer by Thomas Wright
19 hours ago | 4 answers
Looking to buy a duplex
Profile picture for Thomas Wright
Latest answer by Thomas Wright
20 hours ago | 2 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

 
 
 
Sign in with Google