Re: Would you buy this rental property?
I agree with you Lux. When I looked at the property last wed. I could only see the negatives and expenses of sprucing it up!
Not being in the rental business I could not see how/why anyone would rent this place for the listed rates. The units were very small and rundown, but what can you expect for $54K.
I have an uncle who has over 40 single family rental properties and a background in custom home building. He got out of the home building and now owns a movie theater that him and his wife love running.
His opinion is too look past the faults if they can be spruced up and remember it is a long term investment. Over the years you will raise the rent and if all goes well make a nice retirement income by having several paid for units. His properties bring in over $20k per month in rent and will be fully paid for when they are retired. Not a bad retirement package for someone who put very little of his own money in purchasing the homes.
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