This is a good question, but it all depends on the situation. Sometimes rentals can bring a good income but sometimes they might be a huge expense. Modern Times Homes has a good experience in selecting rental properties, we have been buying houses all around Illinois for many years.
Before you invest money in rentals, do research on where the best area to rent is. There are areas where everyone is renting but there are also areas where people just don’t rent. It is very important to do research before you start investing money. Everyone has different expectations when it comes to income, so you need to know if it will work for you.
Along with rentals there comes some kind of responsibility. You are providing a place of living for another person; you need to make sure the place is in livable condition. Sometimes it takes money to have it prepared by repainting it, cleaning or renovating. Would you have a budget for that? Also, for the future if your tenant will have constant issues with the house you will have to be the one fixing the issue for them. They are paying you for living there but they are not responsible for fixing things around the house. Reconsider the options of the rentals; if you do full renovations before the tenant moves in, you shouldn’t have many issues in the long run, but if you buy an old property and rent it as is, there are many possibilities you will constantly have issues with it.
When you decide to have tenants, an important thing is to screen them and make sure they will be the right fit for your property. You don’t want to rent to a person that has a criminal history, eviction and is constantly late on their credit card payments. If they don’t have $100-$500 to pay for their credit card , they sure will run into issues making payments for rent which could be $1000-$2000. Screen them before you rent to them, of course it doesn’t guarantee they will be right fit, but it could help avoid future problems.
Modern Times Homes Has been buying houses for cash for many years. What we do with our rentals is we renovate them before we rent and that helps us to avoid problems with things breaking in the house. When a house is newer there is a bigger chance it will not need as much maintenance as the house that is older.
If you are tired of being a landlord and are ready to sell your rental properties, give us a call at 847-242-2212 for no obligation cash offer. Modern Times Homes is a home buying company and we specialize in fast, hassle free transactions. We buy houses fast, as is for cash; meaning that you don’t need to prepare for sale in any ways, we can even help you find movers and we will clean it for you.