I've heard good and bad stories about rentals. Some of my friends have rental properties. Sometimes the tenants are perfect, the houses never needing maintence, tenants always paying on time, etc. But then there are the not-so-good parts, where friends need a place to stay and it they don't pay rent and they out-welcome their stay, tenants wreck the house, are a nuisance to neighbors, house is in constant need of repairs or appliances always breaking, roof leaks, basement carbon monoxide detector goes off at 2am so u get the phone call, house goes unoccupied for a few months in between tenants, etc.
Sure, you'll probably make some money, but is it worth it? Is the renter's market good right now, considering people can buy the house themselves for a cheaper price? Can you afford to hang on to the house a few years until the market picks up so you CAN make money on the rental?
Good luck!
Last edited by tiger8mush; 07-20-2012 at 09:03 AM.
Reason: need to learn how to spell
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