Hello All:
I get this question on a regular basis so I thought I would post it for all to view!
Q: I want to be a landlord, but I'm afraid to do so in this market. What is your advice to me?
A : My advice is don't, but if I can't change your mind do the following:
1. Buy the income property 35% or more below fair market value.
2. Put only Section 8 tenants in those dwellings or other state/federal like programs. Why? In a market/economy we are currently experiencing and with more job losses to come, you must make sure you have an uninterrupted stream of rental income from your properties to prevent you from becoming a statistic. When and if our economy turns around then you can think about going back to renting to the general population.
I hope this helps with those of you who are thinking of landlording.
Be well,
James Gage
