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Anyone on here with experience with investing in homes, renovating, and renting that care to share their two cents?

 
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User ID: 17679675
United States
09/18/2012 08:33 PM
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Anyone on here with experience with investing in homes, renovating, and renting that care to share their two cents?
Hi all,

Are there any GLPers here who buy/rent homes with success? I've worked on my fair share of fixer-uppers for landlords, and have finally decided it's time to do less of making money for others when I can do the same for myself.

I have been shopping around low priced homes in the 10-20k range for starts in the surrounding city of Pittsburgh, in order to get my feet wet. Obviously at that price, these places are pretty run down, but the work doesn't push me away at all.

What I'm more or less asking is if anyone has any advice on funding the first few homes. I'm not quite sure what road to take with that. I'll be cutting my costs by doing the work myself and eliminating most labor expenses.

My other concern is when the home is up and ready to rent out, what should I do about insuring, and dealing with bad tenants?

In the mean time, I explore an option in screenwriting and throwing together a few novels to sell in hopes of one day leaving the construction field.
thefallguy

User ID: 24033746
Canada
09/18/2012 08:40 PM
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Re: Anyone on here with experience with investing in homes, renovating, and renting that care to share their two cents?
Isn't this supposed to be a conspiracy forum? You sure you're not lost?
soldier32
User ID: 24027174
United States
09/18/2012 09:13 PM
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Re: Anyone on here with experience with investing in homes, renovating, and renting that care to share their two cents?
Always have a contract for the renter. With good detail of what will happen if they do not pay rent, and damage to property.
sandpiper

User ID: 524410
United States
09/18/2012 09:25 PM
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Re: Anyone on here with experience with investing in homes, renovating, and renting that care to share their two cents?
NO! Folks will not take care and cost you plenty of money in repairs. I you have extra $$$ find another place to put your money.
If you break my wings, I will just find a cloud and learn to fly again. The Lord will catch you when you fall or teach you to fly! May the footprints I leave lead you to BELIEVE.
Anonymous Coward
User ID: 24036169
United States
09/18/2012 09:50 PM
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Re: Anyone on here with experience with investing in homes, renovating, and renting that care to share their two cents?
Don't rent to Latinos. They'll always skip out on rent with bullshit excuses then destroy your house when you evict them. I've sued a few and put them under a bridge.

Get credit checks. Vet your tennant thoroughly cause once they're in the law favors them. Make them sign bullet proof rental agreements and you can't be soft cause every single lowlife out there will take advantage of you. It's a business, not a friendship.

Being a landlord really sucks to be honest. Good renters are few and far between. Most will treat your place like a dump and you'll have to rebuild every year or two.
eaglewolf

User ID: 1925758
United States
09/18/2012 09:54 PM
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Re: Anyone on here with experience with investing in homes, renovating, and renting that care to share their two cents?
Have a lawyer draw up and rental agreement to your specifications.

Ask for first months rent plus 2 months security deposit.

Take the tenant through the house with a video recorder and record showing no damages before they rented with their approval / face in the recording. Date it, have them sign a paper stating they approved of the recording and keep it in a safe place.

Do a criminal and credit check. Get license numbers, work numbers to keep on file.

Make sure you put in the contract they are responsible for any damage costs that go over the security deposit amount. If you collect $1000 for security deposit, and they damage the house and it costs you $3000 to fix, you lose. Some people can be very very destructive. Also, depending on the neighborhood, I would advise of the towns quiet times and would not allow constant loud parties.

Make sure you put in the contract no smoking inside the home.


I would also put in the contract that you are allowed house inspections with an appointment. Don't assume you can just walk in anytime, that won't fly.

I am pretty strict so you might feel my suggestions are over the top, but trust me, you will be glad you did all the above.

Do whatever you can to cover YOUR butt.

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