Renting Cheap Fixer Upper Houses
Renting cheap fixer upper houses is a smart way to invest in homes that have foreclosed. Not only will you get a home for really cheap but the monthly mortgage payment will be extremely low also. This means that the price you charge for rent, which should be at the going market rate for a comparable home, will make you a monthly profit. Not only will the monthly rent pay the mortgage payment each month but there will be money left over to put aside for repairs on the cheap fixer upper houses or to pay additional on the principal balance of the mortgage.
The one thing to consider is that when you rent cheap fixer upper houses you want to be a good landlord to your tenants. Try and be flexible when you can and never let the tenants take advantage of you in any way. This can be a hard mix but if you are a good landlord that is not too greedy then you will find tenants that want to stick around for a long time. Turnover in tenants can cost you money that you don’t have and even cause you to fail at your investment. Some investors never get it right with their tenants and you have to be sure that you get the right people in but you are a good person too. It may be all about the money to you when you buy cheap fixer upper houses and rent them but to the tenant it is their home and place to live.