New Rental

New Rental, originally uploaded by Tokenhippygirl.

Here it is folks, our new rental house. We just found out yesterday we got it. Now the work begins! We’re hoping to get it all finished and have it rented out by Christmas.

5 Comments

  1. Tami… my advice is to talk to your bank, find out how much they’ll approve you for in advance. Then start looking in Craigslist for local listings. You might be able to find a good deal that way. Having an agent search for low priced real estate is also helpful. We do both. It helps to have a great plumber, electrician, and contractor/handy person on your side as well. There always seems to be “stuff” that needs to be done, even in a house that doesn’t initially seem like a fixer. You have to follow specific codes when you’re renting to people… safety, etc. so you always have to have things checked out really well and up to par before someone moves in.

  2. that’s what I don’t get. how can you tell a fixer from a pure dump? i would think i would need sometime of general knowledge to draw from as opposed to calling in the professionals all the time, which could be pricey…

    it may be difficult to get another mortgage (i just bought in 2006) in this market…I doubt I have much equity now.

    maybe i should just get my partner to do all the work, that sounds like a good solution! lol

  3. Tami… Getting your partner to do all the work… nice. 🙂 We didn’t really know what we were doing when we got into the first one. It’s definitely been a learning process. We did go in and get pre-approved though so we knew how much we were good for before starting to look. Once we started to look you’d be surprised to know that you can tell a lot just by walking through. Then you get a home inspection before you buy, and if too much is wrong with it you pass. Or you decide you can do more yourself than you think you can. We’ve definitely been on a learning curve, but we’re improving. At least, I hope so.

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