Real Estate Income: Your Stories

Easy extra money through dividend stock investing, P2P lending, real estate income, and alternative online money making ideas

As mentioned in a prior post, I am looking to purchase an out of state single family home to use for rental income. I’m curious if any of my readers have gone down this road and/or have any suggestions or stories to share? How to select a good location? Estimating monthly expenses? Protecting yourself via an LLC or umbrella insurance policy?

Please let me know in the comments below!

 

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3 Responses to Real Estate Income: Your Stories

  1. TDL, I’m new to your site. I did purchase my first house last year, but it wasn’t while out of state. That being said, I’ve since moved out of state and currently have a property manager. The house is vacant. My only suggestion is that if you’re going to use a property manager, just try to find a good one. Although it’s hard to figure out who is good at first.

    The issue I have with this current property manager is that they are not the most responsive. They do have a receptionist during normal work hours, but I sometimes have to leave messages for the property manager to call me back. Plus, I’m not sure how aggressive they are in trying to get the house rented. I’m going to give it another month or two, but if nothing happens, I’m going to try to switch. The bad thing is that I’m overseas right now, so that makes things a bit more challenging.

    Anyway, good luck on your purchase. I think real estate investing is a fabulous way to build wealth, but can also be a nightmare if not done correctly.

  2. Dude check out my site! I’ve done this several times šŸ™‚

  3. I don’t own any real estate myself but would be open to the idea of it. I like having multiple revenue streams. I know a lot of people who have gone that route and it worked out. But no story is without issues. Tenants or otherwise. I like the idea of an LLC just to protect you and your family/ assets. With so much money tied up into a house, it is nice to have some insurance or security just in case.

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