Am I completely crazy?
Looking for some advice... But first, a little background information. My wife and I have been married 10 years, are in our early 30's, and just had our first baby in August. We have 3 medium si...
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And not to let it sway your decisions, but don't think for a second that if you're renting out an nicer, newer, bigger, more expensive home that you'll significantly reduce the risk of bad tenants.
Of the 5 different homes we've rented out over the years, rent has been $950, $1900, $2300, $2800 and $3000. Home values of $250k - $750k. Best tenants were in the highest and lowest priced ones. The 3 in the middle all had at least one horrible tenant each. You'll learn pretty quick that people who outwardly appear clean and professional can also be the biggest slobs you've ever known!
It's is great way to maintain or build equity, or minimize losses, as well as a good tax shelter.
Of the 5 different homes we've rented out over the years, rent has been $950, $1900, $2300, $2800 and $3000. Home values of $250k - $750k. Best tenants were in the highest and lowest priced ones. The 3 in the middle all had at least one horrible tenant each. You'll learn pretty quick that people who outwardly appear clean and professional can also be the biggest slobs you've ever known!
It's is great way to maintain or build equity, or minimize losses, as well as a good tax shelter.
