Investing in Real Estate

[JDAZ11]

That's awesome!

[Pollyanna]

Yay!!! That is so great!!!

[spotty_dog]

Mojo for great tenants, congrats!

[MrsSz]

MOJO for great tenants!!! We might need a decent rental if DH gets his way and we end up there in two years lol

[OrionGrad]

Awesome!

[SuzySunshine]

Great news - added mojo for good tenants. If I was sure we could have great tenants we'd do that in a heartbeat as well, there are definitely some options for that around here.

[BonBon]

This is so awesome. Looking forward to hearing about your experience.

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[Ladybug]

Awesome! We're keeping our current home as a rental. It's walking distance to hospital, law school, med school, pharm school and the other major hospital is a mile in the other direction. We're aiming for professional renters. I've heard a lot of landlord stories so I'm hoping (holding out) for reasonable renters. I don't want to be called at midnight because someone heard a noise in the basement. We'll have to set up snow plowing and yard services. I'll still be coming be frequently to maintain a the yards, etc. if we decide it's too much hassle I need to be able to sell it in good shape. I'm looking forward to it and I'm working part time next year so I'll have time to play landlord. I have a handyman for a year, but hopefully he can help me establish another relationship before he moves again.

Keep us posted on how things are going, pearls of wisdom etc.

[Deebs]

We're using a property management company. While it cuts into our profit, the tenant's lease agreement is with that company, not us (kind of like a sublease). They do a quarterly inspection to make sure the house isn't being trashed, no smoking is happening, and there aren't crazy pets in the house. They also take all the maintenance requests and we have a say in how those are handled. They also handle all the background checks, etc. I'm crossing my fingers that we're happy with them, and we've been thrilled with the job they've done to this point.


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[Sheherezade]

I'm still very interested in getting in to real estate investment again. That said, we did own two rentals during residency (we always kept the former home as a rental when we moved) and we were SO happy to get out of managing them when we no longer needed the cash. It was a pain. So.....I worry.

I like the idea of a property management company. We'd definitely do that.

Clearly the extra income eased the pain of living on a residency salary in a big city. I always forget we had that trickle of income as well when DH was in training.


Angie