Posted by Surfdog on February 20, 2001 at 22:43:15:
Sharif-If you buy good properties in good areas, you will not have a problem; I’ve never lost a months rent or had to evict a tenant that I put in in 20 years. One suggestion-build up a sinking fund or deposit for future reserves, replacements, & contingencies.
Keeping up with Payments - Posted by Sharif
Posted by Sharif on February 20, 2001 at 19:18:41:
Hello,
I understand the whole concept of owning propertly and earning rental income. But my CONCERN is, what happens when you DON’T have enough tenants to cover your mortgage payment???
What happens then?
Anybody?
Solution? some flips - Posted by George
Posted by George on February 21, 2001 at 24:45:29:
When you are starting, it is good to go more for the fast cash, and the fastest way is by flipping properties, you will make enough money to keep your payments if you have any vacancies…
Re: Keeping up with Payments - Posted by JoeS
Posted by JoeS on February 20, 2001 at 19:58:25:
It is called “reaching in your pocket”. That is why a 4 unit is better than a 3 unit, etc…my rule of thumb is that 1 unit pays your PITI, 1 unit pays your utilities and maintenance, the other 1 or 2 units are your profits. There will be months without tenants.