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hmmm 80.00 a month on a triplex? I think your numbers are off man.
Been doing rentals for some time now. Even with great tennets our expenses not including property taxes have ussually been 10-15% of the rent per month when averaged out.
Keep in mind one eviction can run you into the thousands, not including any damages. Plus generally if it goes that far you will not recover much if any of the judgement.
Also keep in mind if you go the LLC or corp route, you have to use a lawyer for fucking everything, you can not even represent yourself in small claims court or send a friggen pay or quit notice.
As for those saying depends on the location. Do not buy into that unless you plan on flipping the property in the near future. If your interested in rental income, than location is not as important as long as there is a good amount of housing needs.
On another note if your getting into this for the first time. Do not overlook mobile home properties. If you can purchase the land and rent the mobile you will recoup your investment a hell of alot faster.
Example using rough math:
Mobile cost: 15,000.00 (not including land value)
Average rent (using my area) 750.00
Monthly rate of return before costs: 5%
If I wanted same rate of return, I would need to rent a 100,000 house (no land value) for 5,000 a month.
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