So here's the deal. I have had a small townhouse that I've been renting out for about 6 years now. I've dealt with mostly everything (4 tenants, lawsuit, trashed place). I believe I have enough experience with being a Landlord that it would not be too much of an issue to take on another property. I have lots of experience doing remodels (kitchen/bathroom) lots of repairs (myself).
However, I want to see if I could "make a living off this". My property is in Baltimore, I'm looking at purchase another "foreclosure/rehab" somewhere in the city with a rent potential of at lease $1200 or so a month. My thinking is if I could get several of these (individual houses) It could make a pretty large supplement to my income. Major problem is I don't have much liquid to buy the entire thing, I'm planning to use a mortgage (paying 20%).
Could you essentially make a living off individual units (homes)? Would have have to purchase an apartment complex?
Thanks
However, I want to see if I could "make a living off this". My property is in Baltimore, I'm looking at purchase another "foreclosure/rehab" somewhere in the city with a rent potential of at lease $1200 or so a month. My thinking is if I could get several of these (individual houses) It could make a pretty large supplement to my income. Major problem is I don't have much liquid to buy the entire thing, I'm planning to use a mortgage (paying 20%).
Could you essentially make a living off individual units (homes)? Would have have to purchase an apartment complex?
Thanks
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