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Question - Topics: Money, Real Estate
GEO: World Wide
truerichesx
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Posted On: 2016-12-19 13:22:12
Viewed: 813
What you think of Buying and Renovating for Rent?

Lots of Investors are now a days buying Single Family Homes or Apartment Duplexes, to renovate them to rent them out to create Monthly Income with Low taxes.
I have a few Properties in mind to do the same.
What are your thoughts on this?

Answers & Comments: 10
bwtmarketing
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1 year 11 months ago

A great, great idea. There is so much more that goes along with owning rental properties besides the rent payments. There is massive write offs for repair materials, labour costs (including your own) personal home space and areas used for maintenance/storage. If you learn to do the repairs yourself, then your labour can be written off. Just make sure you find an experienced accountant. But remember that a property that is clean, new looking and has quality built in rents easier than other older units and generally gets 25% more rent!! You are now a real estate investor and you need to always be aware of cost v. benefit: always being careful that any upgrades will increase the inherent value of the property.
Fardoush
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1 year 11 months ago
BWT, are you doing Apt Renovation to Rent in Richmond CA?
I assume that also includes BC & Vancouver?
mmerlinn
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11 months 2 weeks ago
Far, your post makes no sense. I fail to see why you think there should be any connection between Richmond, California and Vancouver, Washington since they are about 600 miles apart.
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Fardoush
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2 years 1 month ago

It is a great idea as long as you can rent it for like twice the mortgage amount on the property. Because you have to factor in the cost of operation of the rental property. So if your mortgage is like $5000 then your total gross rent needs to be like $10000 per month
richwaterinv
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2 years 2 months ago

Good for passive income. However, make sure you know hiw to screen tenants really well and do ba kground checks.
Fardoush
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2 years 1 month ago
Yes one bad tenant per 5 good one is the rule of thumb
mmerlinn
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11 months 2 weeks ago
Far, at that rate one could easily go bankrupt. One bad tenant that takes 6 months or more to remove would destroy the bottom line for years and 5 good ones would not be enough to recover.
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Rdayley
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2 years 2 months ago

BRRR's are a good way to go.
Fardoush
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2 years 1 month ago
What is a brrr? Never heard of it!
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Jimmie
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2 years 2 months ago

With rents sky high here in the Bay Area now is a good time to buy and renovate. I wouldn't wait to long because interest rates will continue to rise next year.



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