Does anybody here have any experience in buying a house or duplex and whatnot to rent out to others for a profit?

If so, would you recommend it?
Is it too much of a hassle?
How long would it take to start seeing profits?
What are some of the major risks involved?

Any input would be much appreciated!

 

As long as you acquire property at a right price to generate positive cash flow, it can be smart move if you have the temperament. Keep in mind leverage is a double edged sword, so use it wisely.

Search is your friend, there are a few threads on this topic.

Good luck young Jedi.

 

Financing will be important.

How's your credit?

How much down are you putting as a percentage of value? 20%?

Do you own any other Real Estate?

This may help you understand how inflated prices still are compared to rents (when making a purchasing decision):



If you find a deal, you find a deal. Positive cash flow like Fibi said is critical.

P.S. All banks will require that you have verifiable liquid assets to cover any vacancy periods. You'll need more than just the down payment.

 

May need six months reserves, it happens. If you are asking here, I suggest that you are probably not ready. This is not something that you just jump into if you want to be successful. Save some money if needed, take a few classes, read some books.

Hate to be a killjoy but a lot of uninformed people jumped into the market over the past five years. Without an understanding of the market, they had no chance and didn't even know it. Learn to not be a victim.

 

Yeah, I haven't started lookin into this too seriously yet. I'm interested in learning more about it but I just wanted to get a feel for how everybody else felt about it. It does seem like something that would be extremely time consuming and a stressful.

I would love to get into the stock market but unfortunately my current job prevents me from doing so. As a result, I'm just looking for some alternative investment ideas. All I got right now is a money market savings account and that just doesn't cut it haha

 

How can a job prevent you from investing in the stock market? Do you work for the national reserve? Legally, I don't think an employer can forbid an employee from something like that.

 

If you work for a financial firm, there are rules on personal investments.

I don't know if you would show a profit, you have to depreciate the property over 27.5 years and other expenses.....
It's a good write-off, the rent will help cover costs.
Hopefully the property will appreciate over the years.
Make sure when you plan to sell the property, try to buy a like property so you don't have to pay capital gains on the property.