Total Posts:13|Showing Posts:1-13
Jump to topic:

Buying a house to rent out

TheFlex
Posts: 1,745
Add as Friend
Challenge to a Debate
Send a Message
12/2/2015 7:40:17 PM
Posted: 1 year ago
I've been wondering about ways to try and create some additional income for my family and one of the avenues I wanted to explore was purchasing a house to rent-out. I was curious if anyone has some personal experience in this field, has tried something similar, or something generally successful for creating additional income.

One of the main reasons I'm wanting to explore this is some personal success stories from some friends of mine. I have a buddy who bought a 5 bedroom house and rents the other 4 rooms out to people so he's covering his mortgage payment easily and is banking around an additional $1,500 a month from it.
Anyone have any advice?
ironslippers
Posts: 509
Add as Friend
Challenge to a Debate
Send a Message
12/12/2015 10:31:33 AM
Posted: 11 months ago
At 12/2/2015 7:40:17 PM, TheFlex wrote:
I've been wondering about ways to try and create some additional income for my family and one of the avenues I wanted to explore was purchasing a house to rent-out. I was curious if anyone has some personal experience in this field, has tried something similar, or something generally successful for creating additional income.

One of the main reasons I'm wanting to explore this is some personal success stories from some friends of mine. I have a buddy who bought a 5 bedroom house and rents the other 4 rooms out to people so he's covering his mortgage payment easily and is banking around an additional $1,500 a month from it.
Anyone have any advice?

Set it up as a tax exempt 501c3, half way house for felons or drug addicts.
Everyone stands on their own dung hill and speaks out about someone else's - Nathan Krusemark
Its easier to criticize and hate than it is to support and create - I Ron Slippers
Robkwoods
Posts: 570
Add as Friend
Challenge to a Debate
Send a Message
12/24/2015 3:03:07 PM
Posted: 11 months ago
At 12/2/2015 7:40:17 PM, TheFlex wrote:
I've been wondering about ways to try and create some additional income for my family and one of the avenues I wanted to explore was purchasing a house to rent-out. I was curious if anyone has some personal experience in this field, has tried something similar, or something generally successful for creating additional income.

One of the main reasons I'm wanting to explore this is some personal success stories from some friends of mine. I have a buddy who bought a 5 bedroom house and rents the other 4 rooms out to people so he's covering his mortgage payment easily and is banking around an additional $1,500 a month from it.
Anyone have any advice?

While in the Military I have seen a lot guys do this. Especially, since they are in any one place for 3-5 years. They would buy a house and rent it out after leaving the area and have a local realty office manage it for them.
I am personally looking to do the same in the next year or so. It works out for military, I believe, because of the huge network of people they are in touch with; Guaranteed renters.

My advice, if you have the capital and a good spot picked, do it.
TheFlex
Posts: 1,745
Add as Friend
Challenge to a Debate
Send a Message
12/24/2015 3:31:43 PM
Posted: 11 months ago
At 12/24/2015 3:03:07 PM, Robkwoods wrote:
At 12/2/2015 7:40:17 PM, TheFlex wrote:
I've been wondering about ways to try and create some additional income for my family and one of the avenues I wanted to explore was purchasing a house to rent-out. I was curious if anyone has some personal experience in this field, has tried something similar, or something generally successful for creating additional income.

One of the main reasons I'm wanting to explore this is some personal success stories from some friends of mine. I have a buddy who bought a 5 bedroom house and rents the other 4 rooms out to people so he's covering his mortgage payment easily and is banking around an additional $1,500 a month from it.
Anyone have any advice?

While in the Military I have seen a lot guys do this. Especially, since they are in any one place for 3-5 years. They would buy a house and rent it out after leaving the area and have a local realty office manage it for them.
I am personally looking to do the same in the next year or so. It works out for military, I believe, because of the huge network of people they are in touch with; Guaranteed renters.

My advice, if you have the capital and a good spot picked, do it.

Yeah, I could handle the payments but budgeting would be strict. I'd have to make some rather large lifestyle adjustments. It's funny you bring up the military, because I'm in it and it's kind of why I'm thinking of doing it. One of the guys I'm talking to bought a house and has 3-4 people in it already and he plans on moving to Korea at some point. I might be able to talk him into selling me his house. If he's willing to do that I'll definitely jump on that opportunity.
Robkwoods
Posts: 570
Add as Friend
Challenge to a Debate
Send a Message
12/24/2015 3:45:43 PM
Posted: 11 months ago
At 12/24/2015 3:31:43 PM, TheFlex wrote:
At 12/24/2015 3:03:07 PM, Robkwoods wrote:
At 12/2/2015 7:40:17 PM, TheFlex wrote:
I've been wondering about ways to try and create some additional income for my family and one of the avenues I wanted to explore was purchasing a house to rent-out. I was curious if anyone has some personal experience in this field, has tried something similar, or something generally successful for creating additional income.

One of the main reasons I'm wanting to explore this is some personal success stories from some friends of mine. I have a buddy who bought a 5 bedroom house and rents the other 4 rooms out to people so he's covering his mortgage payment easily and is banking around an additional $1,500 a month from it.
Anyone have any advice?

While in the Military I have seen a lot guys do this. Especially, since they are in any one place for 3-5 years. They would buy a house and rent it out after leaving the area and have a local realty office manage it for them.
I am personally looking to do the same in the next year or so. It works out for military, I believe, because of the huge network of people they are in touch with; Guaranteed renters.

My advice, if you have the capital and a good spot picked, do it.

Yeah, I could handle the payments but budgeting would be strict. I'd have to make some rather large lifestyle adjustments. It's funny you bring up the military, because I'm in it and it's kind of why I'm thinking of doing it. One of the guys I'm talking to bought a house and has 3-4 people in it already and he plans on moving to Korea at some point. I might be able to talk him into selling me his house. If he's willing to do that I'll definitely jump on that opportunity.

Nice. Yeah if I had better budgeting skills I would have already done it. Lifestyle change is hard :( though. That definitely sounds like a ripe opportunity. There are some potential changes occurring in B-more that could benefit property value. So I am feverishly trying to get myself into a good buying position.
WAM
Posts: 139
Add as Friend
Challenge to a Debate
Send a Message
12/28/2015 4:53:50 PM
Posted: 11 months ago
At 12/2/2015 7:40:17 PM, TheFlex wrote:
I've been wondering about ways to try and create some additional income for my family and one of the avenues I wanted to explore was purchasing a house to rent-out. I was curious if anyone has some personal experience in this field, has tried something similar, or something generally successful for creating additional income.

One of the main reasons I'm wanting to explore this is some personal success stories from some friends of mine. I have a buddy who bought a 5 bedroom house and rents the other 4 rooms out to people so he's covering his mortgage payment easily and is banking around an additional $1,500 a month from it.
Anyone have any advice?

How much return will you get for your investment? How much will you have to change your lifestyle, as you stated above, is it so much that it will create problems?

Also, how long until you make profits?

A house is a huge investment. There are smaller investments that will not create a financial hole in your pocket for years.. Houses are great if you have the money and will earn immediately.. If you have to pay for years until you run even, how is it a good investment? If you are thinking of living in the house later, it may be a good investment, but as a 'earning' property, while you have to pay off the house and another one for yourself at the same time, is that a good idea?

Calculating, using the Australian market as an estimate (as I have no clue about the US housing market) it would take you around 20 years to own a house through rent. If you put some to it yourself, obviously you can make that less. But it will still take years to get even.. And then possibly around the same time to actually 'get your money back', speak get your initial investment of whatever amount of $ back.. That is if the market stays the same as it is. If you have children, yeah, it may work, for them, if you buy and the area gets an upswing, it will as well, but it may not.

Just some thoughts...
ResponsiblyIrresponsible
Posts: 12,398
Add as Friend
Challenge to a Debate
Send a Message
1/25/2016 12:43:09 AM
Posted: 10 months ago
At 1/24/2016 6:09:14 PM, Melo wrote:
You don't worry, we believe you

Anything meaningful or insightful to say? Are you going to continue to aimlessly spam the forums and dodge direct call outs that you're engaged in product placement?

Seriously, get the fck out.
~ResponsiblyIrresponsible

DDO's Economics Messiah
ResponsiblyIrresponsible
Posts: 12,398
Add as Friend
Challenge to a Debate
Send a Message
1/25/2016 12:44:50 AM
Posted: 10 months ago
At 1/24/2016 6:12:32 PM, Melo wrote:
I wish I have enough money to buy a couple of apartments

Seriously, you're bumping four-month old threads and taking the last (two) posts in the five or six most recently-posted threads -- and you started, conveniently, gravitating to other forums after I called you out -- and expect that people here aren't intelligent enough to see through your act?

Man up, or get the fck out.
~ResponsiblyIrresponsible

DDO's Economics Messiah
ResponsiblyIrresponsible
Posts: 12,398
Add as Friend
Challenge to a Debate
Send a Message
1/25/2016 12:58:16 AM
Posted: 10 months ago
At 1/24/2016 6:12:32 PM, Melo wrote:
I wish I have enough money to buy a couple of apartments

Throw up some more useless advertisements and you'll get there.
~ResponsiblyIrresponsible

DDO's Economics Messiah