You have a sample of one family, I have a sample size not much larger :-)
Originally Posted by cph
As an inexperienced landlord renting just one house w/o doing credit checks, I might have been selecting for the worst renters -- those denied by the competent landlords and thus still looking, and willing to agree to the highest rents.
A similar effect occurs in job interviews. Every interviewER claims to be highly selective -- they pick just the best 10% of candidates!
But that pool they pick from has a few people that *anyone* would hire, and many that *no one* would hire.
Actually, the interviewer isn't any pickier than anyone else.
My last landlord was incredibly picky. He had an LLC but essentially was a one man operation. Questioned me on specifics in my credit report. I was a freelancer/student at that point so I can understand the caution.
Landlord for the house I'm moving to used the TransUnion service for credit and background checks. There's no excuse for not doing that nowadays since it's so easy.
It's generally a buyers market, but I think if you have a decent property you can hold out for better renters. That's really the only advantage you have because you can't charge much more than market rent for the size no matter how nice the place is.
Just scanned the last 5/6 pages or so....
20%+ ROI on real estate investing isn't uncommon. You'll find plenty of people that have returns like that, after accounting for everything correctly.
This guy, at least back when I followed him, went for about $500 a month profit for each house he bought, even after debt service.
Passive Real Estate Investing| Invest Four More
Also, some of the suggested ways to get people to pay rent that were suggested surprised me. Many of those would be a great way to get arrested here in Oregon. The laws here protecting renters are incredibly strong.
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