anyone own rental properties on here?

diymirage said

hey guys, i am considering buying a small house as an investment property

put a renter in there, hope to charge $100 or so over my mortgage and build some equity, make a little bit of money


i seem to remember reading some of you guys have investment properties, so any advice you can give me, im all ears

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I married my second wife 26 years ago. We both had houses, so I floated the idea of renting my house out. She told me about the experience she and her late husband had. They went to the get rich seminar, and decided to go for it. Bought a decent house in a good neighborhood, researched the tenant well, and started the "rental" journey. The guy losses his job, they stop paying rent, She and her husband are too nice and don't evict. Finally the family leaves, the basement is full of trash, and unreported water leaks have ruined all kinds of parts of the house. They fix up the house and sell it at a loss. Needless to say, I sold my house and bought some farm land in South Dakota. I have also seen the effects of buying high and having the housing bubble burst. Not pretty and it took my friend years to recover. Not all of us are cut out for being a landlord. Good luck to you what ever you decide.