If this belongs in the finance section, feel free to move it.
Anyway.... I'm interested in buying a house to rent it out to supplement income and to eventually by another, and another, and....
It just seems a bit daunting as far as paperwork, and getting financed, and dealing with the tenants, etc. But people do this all the time so it shouldn't be that bad, right? I figure there must be ways to do things right the first time around to avoid certain bad situations. Anyone have experience with this type of thing?
The property value in my area of town has been doing nothing but rising drastically over the past 10 years and shows no sign of stopping anytime soon. And add to that the super low mortgage rates it seems like a really good time to get started. I own a house now that has some equity, but other than that I will definitely need to borrow the money for the rent house.
So some questions off the top of my head are...
How do i find a rent house?
What do i look for?
How do i find a tenant?
Again, what do i look for?
What about paperwork to protect me/the house?
Do i need a lawyer?
Anything else?
Thanks!
