I'm not buying right now, so would advise the same. One of the responders indicated his success at buying and mentioned systematic selling of his properties. Also mentioned the hard work he put into it to reap his just rewards. I belong to a number of Facebook groups where people who have never owned rental properties are asking for advice on wording of leases, how to get out of tricky situations, what rent to charge after they have already bought a property etc.. ALL signs of reckless buying, IMO. It is not an easy game - you can make it an easy game - if you study, do your homework and make logical assumptions. You;re asking a smart question, indicating that you are not (I think) a desperate buyer. Have you thought about what kind of tenants you want ? eg, AIR BNB types, turning your house into a hotel; snowbirds - monthly or weekly rentals requiring Full furnishing and some upscale items to differentiate your property from the myriad of others going for the winter months bonanza ? Long Term - getting less every month but a predictable income.. have you done a cash flow analysis of how much a negative youre willing to accept ? Or are you paying cash and planning on an appreciation windfall in 5 or more years? Do you have cash reserves that you;re willing to part with when the HVAC gives out ? Believe it or not, the more units you have, the easier it gets (again, with the right preparation).. One unit and one HVAC blows your budget out of the water.. One blown HVAC and 5 or more units is just a cost of doing business. I could be wrong, but my guess is that in 2-3 years some of the rookie landlords will become disillusioned and decide to sell. Time will tell. If I were to buy today in the Villages, it would be a toss-up between new in the Southern Oaks and existing. Since contractors are incredibly tied up, unless you have hands on skills for swapping out cabinets and updating bathrooms, I would avoid the older houses above 466. What looks like a bargain could turn into a money pit with time delays, contractor issues and rapidly increasing material prices. Before you make a move into the Villages, take a look at non Village property less than 45 minutes from wherever you live.. You might be surprised at what you find. Best of luck.. Owning real estate has been great for me.. Trying to teach the kids about it while I can.
|