Getting into your first rental house, as a landlord, is a big step...there're lots of people out there who make money with rentals, and as many (if not more) who found it a nightmare... You need to ask why the "professionals"--people in real estate for a living--haven't snapped up all these good ?? deals... rhouston is right on about renters often being a pig in a poke...you'd need to set up your purchase so you could walk away from it cost-free (no deficiency) if you couldn't get renters and couldn't carry the payments yourself...you need to be able to do most repairs yourself, to keep down expenses...do some research on being a landlord (forewarned is forearmed). If you've been influenced by any real estate ads or real estate people saying "... now's the time to get in on the ground floor..." don't forget they're not really unbiased observers... This's not meant to be dismissive-it really may be a good opportunity in your area-just a heads-up to do your homework first. (My parents had a rental) Good luck.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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