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I know several people who are buying rentals for well under $200,000, but mostly they are properties that need work.
It is difficult to own rentals that are too far a way from where you live so that you can't check up on them. There are not a lot of reliable honest property management companies. Their best interest and your best interest do not coincide, so it is difficult to find a manager that will always put your best interest first.
Actually, thinking about it further, I know a landlord in Wisconsin who is updating all of his rentals and selling them, all newly renovated and gorgeous, for under $200,000 each. he's getting out of the landlord business and retiring. So you could check in Wisconsin. Try this one: https://www.zillow.com/homedetails/5...40404481_zpid/
I know the guy who is selling that and he is well known for the high quality of his remodeling work.
Your best bet is to buy something near to where you live. Long distance rentals can work out, but it almost guarantees that you'll be forking over a lot of money to a management company. Even if you go with a management company, you should at least be able to check on your properties on a regular basis.
Your best bet is to buy something near to where you live. Long distance rentals can work out, but it almost guarantees that you'll be forking over a lot of money to a management company. Even if you go with a management company, you should at least be able to check on your properties on a regular basis.
Your best bet is to buy something near to where you live. Long distance rentals can work out, but it almost guarantees that you'll be forking over a lot of money to a management company. Even if you go with a management company, you should at least be able to check on your properties on a regular basis.
This is why I'm leaning against renting out my place in California if I leave.
Wonder if the OP will be back? Looks like he's logging in.
No doubt the OP can find houses all over the US for under $200k if he goes on realtor.com. Stick a pin in a map.
It all depends on where the OP calls home. He would want something local to him. If he bought a problem house, he could be spending a lot of time and money when the renter has issues.
You couldn't pay me to be a landlord. My dad owned a two family house when I was growing up. We lived on the main floor, rented out the 2nd, it paid the mortgage and town taxes. There were times with the last renter (2005) that he was bouncing checks that were late. When my dad finally sold, we were happy to be rid of it.
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