anyone own rental properties on here?
We have 2 1100 sq/ft block houses built in 1999/2000. They are across the street from each other.
We've had the first since 2006 and the second since 2015.
We are about 15 minutes away.
Not too close to be up in their business, but close enough to be there quick if necessary.
There is a sweet spot for rent. not enough and you attract trash for tenants. Too much and you get "white glove" tenants.
The lease is very important (keep this a work in progress). Your state, county and municipality statutes are also very important.
In general, if you are not making double what the sum of your expenses is, it's not worth it.
Train them to pay and pay on time. FL has a "three day" eviction statute.
If they are 3 days late, they get a certified 3 day eviction letter.
You can't charge a late fee in FL, but you can word the lease so that the rent is different if paid at different times.
Sure, we have had ups and downs but it has been an overwhelmingly positive experience for us. Those two properties pay entirely for themselves plus, they pay 100% of our living expenses- House payment on primary residence, taxes and insurance on that, electric and water bill, and even the cable/internet bill.
Our tenants stay longer than average (2.5 years IIRC). Unit 1 has had the same tenant for almost 10 years. Unit 2 has been there for 3 years but just moved out. We got over 150 applications for that property, and just rented it to an out of state couple with a 790 credit score and a new, 67K engineering job nearby. We raised to rent $250/mo and still undercut comps.
My wife and I have complementary skill sets. She does finish/trim carpentry and cabinetry, I do electrical, heavy mechanical and plumbing. The wife has become an excellent property manager.
I have a relatively extensive spreadsheet that calculates return on investment including sales price, down payment, rent and insurance, plus repair fund for current and future issues. We use this to estimate whether a potential purchase is a good investment and how long it will take to get our down payment and up front repair costs back.