From a financial standpoint, it makes sense for the long term, if not the short. $200 positive cash flow isn't a lot, and may not keep up with repair expenses, but if you are in a financial position to supplement it when needed, you'll be OK. Of course, the beauty of the deal is you are getting it dirt cheap (probably considerably less than cost of construction), and will make $$$ when it goes up in value (and I said when, not if- we've been through many of these cycles before, and things always recover). This highly publicized "recession" we are supposed to be in is in real danger of not even getting off the ground- April housing starts went up at the higest rate in years. The doomsayers in the media are doing their best doomsaying, but it may not be enough (although the fuel price thing sure does throw a crimp in things).
Now, all that being said, renting to an employee has many downsides, as has been pointed out by others. You need to do a good analysis of this guy's character- how is he going to react to future misfortune? Also, how did he keep up his previous house?
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Today's Featured Article - Upgrading an Oliver Super 55 Electrical System - by Dennis Hawkins. My old Oliver Super 55 has been just sitting and rusting for several years now. I really hate to see a good tractor being treated that way, but not being able to start it without a 30 minute point filing ritual every time contributed to its demise. If it would just start when I turn the key, then I would use it more often. In addition to a bad case of old age, most of the tractor's original electrical system was simply too unreliable to keep. The main focus of this page is to show how I upgr
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