Rental Property

i don't know much about buying a house, but isn't "handyman special" a euphemism for "This place is a dump and you'll spend twice as much on renovations."?

 

You're not going to get 800/month for that pile of ****, especially if the only repair you're willing to do is painting.

Crappy house + crappy neighborhood + inexperienced first-time slumlord = recipe for disaster.

I own rental property and, believe me, it's NEVER as simple as just cashing the rent check every month. If you really want to do this, I suggest hiring a property management company to do all the dirty work for you. And be prepared to spend a LOT of money up front getting that house ready for move-in.

 

Have it inspected by an HVAC technician, electrician, plumber, and general inspector for starters.

 

800 bucks a month?? Good lord man, stay away from this business decision if that's how much you think you can get a month for that house.

 

I'm sure it needs a lot more than that to be rented for what you are thinking. Expect to find there is a lot more wrong with that house that you can't visually see. And only do it if you can afford to keep the house unrented, and can afford to put in the time and money involved with repairs. Its much easier to rent a previous residence than it is to rent an "investment" property such as this.

 

$800/mo??? Not a chance....

 

The happiest day of my life was the day I sold my last piece of rental property.

 

I would not do it. Where did you come up with that rent amount? No way.

 

What HVAC? It has nothing but window units and space heaters.

This place is looking worse and worse.

 

I really hope you are kidding.

 

Do you have any experience at all in real estate? I know you looked at the house, but do you really know what you were looking at/for?

Do you have any of the skills needed to own & maintain a lower quality property? Any experience w/ carpentry, plumbing, electric, etc...? This is absolutely vital or else you will be watching whatever income you do generate evaporate.

When the seller/agent comes right out and says in the 2nd sentence of the posting "needs a lot of TLC", you should immediately realize that it's going to take much more than a coat of paint to make the house ready. "Handyman special" is not just some throwaway phrase.

Another issue you'll have to deal with is the quality of tenant that type of property attracts, especially if you're not willing to put in the work to fix up the place prior to renting. From experience, a sizable percentage of your potential renters will absolutely tear the living **** out of that house and are not the most reliable in terms of actually, you know, paying rent.

Good luck. I would be very, very wary if I were you, speaking from experience.

 

LMAO...I didn't even look long enough to realize that.

 

$28K
What's lot value?
First three sentences of the listing pretty much tell you the house is crap.

Heed Buck's words about tenants. Are you willing to be a landlord to someone who wants to live in that house? Low income housing can be a challenge to manage.

 

you'll be lucky to fetch $650 a month for this place.

IT'S IN Denver Harbor for chissakes!!

give it a new paint job outside or get rid of the pic of mold on siding.

I am renting 2 houses right now at $850 a month and that's after complete renovations and new tile and Granite counter tops.

You will have to spend at least $5,000 to make this place reasonably attractive.

 

this is hilarious.. coming in and asking for advice, and then not taking it at all when it's totally against his thoughts.

please stay away if you really think some pain will net you more than your mortgage payment

i'd say the biggest concern is what Buck mentioned about the type of tenants you'll attract and the likelihood that you won't get paid all the time (and will have to deal with kicking people out or pestering for your $$$)

 

No.

I'm starting to think this whole thread is a joke. At least I hope it is.