Forum Advice On Long Term Renting

[Gidget]

Hi fellow forum friends

I was wondering what your take would be on this:

Supposed we found a house that had an excellent price. This house is in Blue Mtn. This house is small - 3 bedrooms, 1 1/2 bath with small lvg room/kitchen.

Suppose we bought said house.

Do you think we could rent this house long term and would you have a ball park figure on what would be a going reasonable rent - so that we might attract someone on a long term basis.

Only way to buy it would be to rent it out and I don't know what rental market is in that area right now and if it is mostly seasonal.

Thanks for any advice or suggestions based on what you know regarding living here and dealing with rentals, etc...

Gidget

 

[Matt J]

Brick yard houses usually go for around 800-1000 bucks a month depending on the condition. You may find in the current economy that you are going to have a high turn over.

Just to beat SHELLY to it, if you have to count on rental income to afford it, it's not a wise investment.

Also keep in mind that long term rentals are defined as longer than 6 months. Anything less than that and the tax ninja will come down from the annex and get you.

 

[Gidget]

THX - you pretty much wrote what I was thinking was the case.

Appreciate you,

G

 

[CosmosBreeze]

how much do you need to have each month for rent to make it work for you? i am looking for a long term rental in that area @ a reasonable price for me and my toy poodle...

 

[Gidget]

how much do you need to have each month for rent to make it work for you? i am looking for a long term rental in that area @ a reasonable price for me and my toy poodle...

Hi - I think I am scared of the idea now. The more I think about it the more I get into insurance, property tax, HURRICANES, etc... and worry I'd be biting off more than I could chew.

I'll let you know if I get less squeamish I bet your poodle is adorable!

G

 

[Matt J]

Hi - I think I am scared of the idea now. The more I think about it the more I get into insurance, property tax, HURRICANES, etc... and worry I'd be biting off more than I could chew.

I'll let you know if I get less squeamish I bet your poodle is adorable!

G

I wouldn't sweat hurricanes, if you're looking at a brick yard house those things have been there for decades. They're like cute little bomb shelters.

 

[Gidget]

I wouldn't sweat hurricanes, if you're looking at a brick yard house those things have been there for decades. They're like cute little bomb shelters.

So true regarding house structure! But not so true with roofs. They really need to be done the proper way - and no matter how secure, older homes = costly insurance. I don't why I am even debating this = I ain't got the money. Well, I could have the $$ but I shouldn't take the chance right now that I'd be able to rent full time and perhaps sell later at profit. Everyone keeps saying that property will increase in value once airport opens..... we'll see I guess. ;-)

Thanks
G

 

[CosmosBreeze]

she is! and she's the best!!! she is so happy and brings love to all she meets... thanks.