PetMom thank you for all that good information and food for thought. I really appreciate it!
I'm kinda bummed though, because I saw that house I wanted sell for $42,000.00 I had a ceiling price of $29,000.00. But now I am motivated to start doing some real learning and research about rental properties.
I'm going to throw out a rough game plan about what I want to try and do.
1. Locate and purchase a house with the intention to rent. I want to pay less than $30,000.00 and get at least a $800 monthly rent for the home.
2. I want to research the insurance, legality, process, and marketing necessary to get people into the house.
3. I need to find some information on the demographic I would be looking at for renters in the area, and just generally how many people are renting around my area.
4. Further my reading and go to some seminars to understand every facet necessary to renting to avoid as many pitfalls as possible.
Does anyone happen to have any literature they could suggest that they or someone they know have found exceptionally helpful as far as real estate investing/renting? I would greatly appreciate it! Thank you all for being so helpful so far in this thread, I love this forum and you guys are all great folks!
