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I think it is a great and smart idea and many investors who were smart and not the investors who bought homes with no money down....are doing exactly the same as yu are planning to do.
I'm renting my properties also and of course sometimes there can be an issue, but do you raher keep a property and sell it for a "nice" price or do you rather loose mone and in a couple of years will say..."what if?"
My sister never wanted to rent out her house when she had to move for her husband's work for a little over 2 years...she sold her home and was so happy she got a "nice" price...Than the prices went up and when she came back had to buy for a way higher price and they got a smaller home for more money...She still is regretting their decision.
We did the opposite...we rented our home out and than when the market was higher we sold and rented for a while and bought a couple of homes from the gains we made and now we are renting out...we are still smiling and happy about our decision.
Even with some minor repairs...how bad could it be if you do good background checks and rent to people with good references...of course their are horror stories about renting out a home...but mostly if read careful or ask more questions... people didn't do a background chec, or no contract, no sec. deposit...just wanted to rent out fast...
The idea is that a) we would have money coming in rather than most likely having it sit and sit and sit and b) hopefully by next late spring early summer the market will be better.
Galveston, Texas - a barrier island an hour from Houston.
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