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northeastern Ohio | I have about a dozen rentals. There are good renters out there, but you have to be patient. When I have one available, I don't advertise it. Neighbors, friends, relatives refer people to me. I have one lady that has been renting from me for 45 years. Several others around 20 years.
It is a reliable source of income if you are able to do the fixing yourself. If you have to hire it done, then you probably won't make a profit, but might be able to break even.
Real estate taxes and insurance have really climbed the past 6 years. Things like water heaters and furnaces have doubled in price in the same time period.
The alternative is to split off the houses and sell them. This creates a new set of problems because now you have neighbors that you can't predict. 99% of my neighbors are great, but there are a couple that have been an issue. One time I was cleaning up a fencerow and burning some brush about 1/2 mile away from a neighbors house. He came driving across the field, jumped out of his truck and went on a profanity laced tirade. He said if I didn't put that fire out, he was going to beat me up, shoot me, ruin my life, and then call the epa, fda, sheriff, ect. I asked what the problem was. He said I was getting ash on his vehicles.... And then continued his profane tirade. He finally left but it was kinda scary being alone with a guy in the middle of nowhere and being threaten to be shot. This was prior to cell phones.
Good luck in your choice. | |
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Tell me about renting out a house.
