OfflineI'm pretty much in the flipping and developing, then selling the houses for a profit market. But there seems to be a lot of benefit in renting. I've just heard horror stories of bad renters and how they don't care about your property. Can someone convince me why renting is a good idea?
I feel like I may be missing out on a lot of income out there.
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Good question.
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I think everyone has a different opinion on the subject, and I have heard horror stories myself, but renting has been, so far, my favorite thing to do with properties. It's really the main thing I've focused on over the years, but since getting Dean's book it's been exciting to entertain and try new strategies!
In this down market especially, renting seems like the way to go. Buying and holding properties 'til such a time one can yield big returns.
There have been a lot of conversations in the forums. Here are just a few I found helpful. There are others if you want to do a search on "renters" or another key word. (I love looking back into the archives.
http://www.deangraziosi.com/node/41
http://www.deangraziosi.com/node/4902
http://www.deangraziosi.com/node/5247
It's good to find one thing to be good at and learn to master it, but I get a real kick out of trying new things. Now is a great time to try buy & hold strategies, James, but if you've got a plan in mind for the properties you're picking up, some would say keep your focus and you can add all the other money-making strategies as you go. You are a go-getter, and you don't want to trip over yourself. lol
Of course don't let anything or anyone hold you back, either. You guys are like racehorses! You're ready to take off and catch up to (and PASS) the ones already in the race, and you've got everything it takes to do it!
btw, I think I'm picking up energy from all you young people (not that I'm SO old at 41. lol). It's so wonderful to see people of all ages on here and succeeding!!!
Best wishes to you,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
It really depends on what you prefer. I had two rentals in my experience. One was long distance, which was a definite pain in the rear. The other was local, which too had it's moments. Although I NEVER had any vacancies, I did have problems with rent being paid on time, tenants complaints, repairs, etc. For me personally, I would rather NOT rent again. I don't mind carrying a note for someone, that makes THEM responsible for any repairs and I still get the benefits of a monthly income. Or I will also do a lease option/purchase again limiting my responsibility. So there are options to renting if it's not your cup of tea. The only way to know is to try it yourself and see if you like it.
Me personally, I really enjoy helping people get into their homes, but not having to maintain them... LOL! But again, that's just me!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."