Thinking of buying a rental property

[asmom]

Good luck!

[zinsavage123]

If you got the money to blow for it and give it a shot I say go for it. If it will possibly leave you in a rough spot, maybe you should do it when you can.

[normajean]

An LLC would protect you from personal liability, so I think this is worth it.

[97guns]

yes congrats on the first rental, looks like youve done your homework an ran your nyumbers before getting into it. i have 5 SFH and am looking for another, dont have an llc but often pondered it, i do have a hefty umbrella policy

heres a quick tip on how to get decent tenants, when they come to view the property let them go inside to look around while you hang outside and check out their car. if its got a bunch of garbage in it and really dirty the chances are very good that they will live in your house in the same manner. is the registration current, are the tires bald? all this adds up to getting a decent tenant in place.

when you call their workplace do not verify them right away. ask the business questions about their product, be a customer to determine the business is legit, then call again to verify the tenant. in my market most people renting have bad credit and i've caught potential tenants lying about employment, get a current pay check stub.