Posted by Tim Conde on June 20, 2000 at 17:10:37:
Whatever you do, don’t just buy to buy. Study the habits of the local renters. Is there some major employer nearby? Is there public transportation nearby? People who rent TEND to live near their employers and TEND to use public transportation. At least that is my experience. The further out you go, the less of each you have, a downside for me. PLUS, why are all the income properties for sale? If it’s so good, people won’t sell. On mobile homes, I bought the Lonnie Skruggs course in mobile homes from this site and found it to be pretty good. I used it and did some “Lonnie deals”. I found that the time spent doing a Lonnie deal was nearly the same as a SFH deal, so as long as you have the money, do SFHs. If you are new to the field, don’t rush. Look around. Do your homework. Find the good neighborhoods that renters WANT to live in. Are the schools good? Is there nearby shopping? Are there employers nearby? Those are the things that attract renters and keep properties occupied. Don’t forget… every month a property sits vacant because you can’t find a renter, you have to cough up a grand or more just to stay even with the house. Not good. Find the properties where you have a steady stream of good prospects ready to rent and you’ll do well. Stay in touch.