Does anyone have any experience doing this?

Or just renting a house in general. This is to make money, not break even.

5/26/2009 7:49:14 PM

Make sure you do your research. This can be a great investment, but only if make the right choices. Make sure you know what houses actually rent for where you buy. Don't guess, know. Over estimate your expenses and make sure you're budgeting for upkeep; usually about $50 - $100+ per month. Also, don't forget taxes and insurance. Don't forget to budget for a potentially empty house. Finally, make sure the profit margin is high enough to be worth the effort. I'd say at least $50 profit per month after ALL expenses and some money set aside for a maintenance fund.

Since you're dealing with investment property, you'll get a higher interest rate and you won't get a lot of the tax advantages that come with primary home ownership. Also, some neighborhoods have restrictive covenants that can limit your renting options.

Homework, homework, homework!

5/26/2009 7:57:14 PM