Rental Property

Discussion in 'General Industry Discussions' started by dstifel, Dec 13, 2012.

  1. dstifel

    dstifel LawnSite Senior Member
    Messages: 925

    Purchased my first home this year and have two roommates. Recently one moved out and a room opened up and had about 10 close friends all very interested. keep in mind I'm 21 and so are all of my friends. Anyway was wondering if anyone on here owns rental properties. considering buying another house. Would probably get another 3 bedroom or 4 depending on price location etc. Got 3 buddies who all had a bidding war against each other for the last room so i know i could fill the existing house and still have a room mate on the new house. As it stands right now i pay none of my mortgage. The two that live with me pay 300$ a month and a third of utilities. If i had a third in that house i would be making about 300 a month off of it.Problem is how hard is it to fill when they all start moving out? any help would be appreciated i would like to move on this fairly quickly before they all find a new place to live.

    Messages: 1,343

    We own some rental properties, be careful there is a big difference between renting a room to a buddy and renting a home you don't live in
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  3. dstifel

    dstifel LawnSite Senior Member
    Messages: 925

    yea i can imagine that. The good thing is the current house pretty much needs gutted and redone anyway. Bought it cheap with plans to do it but if i can let some buddies live there and pay the mortgage for 3 or 4 years and then do it after they are done with it i don't see why not. Would give me some money to redo it which i can construction runs in my family and sell if/when the market ever goes back up
  4. Will P.C.

    Will P.C. LawnSite Senior Member
    Messages: 966

    + 1 to dependable
  5. krzys555

    krzys555 LawnSite Member
    Messages: 113

    my parents have about a 70 rental houses. yes we are usually looking for people all the time.
    we did get lucky and the VA has solved some of our rentals by filling them with veterans. they pay by the room or apartment, preferably furnished.

    another thing you might want to try is a college around you.

    i wish i could get a house with a 600 a month mortgage. try 2600 for a mortgage on a shitty house around me 1 family, 2 or 3 bedroom

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