Originally Posted by
chrisreedrules
I have had wonderful success with my rentals. Not a one has had even a single issue with a late payment over the years.
The key I’ve found is to focus on single-family homes in good school districts. I like 3/2 and 4/2 homes that are at least 1700sqft. Sure, you pay more for them up front but they pay dividends on the back end. Average mortgage is $1500 with 20% down on one. Average rental price is $2500 to $3000 /month in my area.
Tenants who can afford that usually make money and generally care about things like their credit score and ability to continue renting nice properties. We carefully screen based on credit score, income, and background history. No issues.
I would agree with this, my property is condos, but it is in a decent area so for the most part we haven't had much trouble. I think we just got a bad combo of opportunists + covid.
In my location I'll never, ever have to worry about low demand, but long-term rent control might be an issue.