• By Stephen T, July 3, 2010 @ 5:22 pm Most cities require inspections before you can rent the houses (legally, of course). Those include making sure the plumbing and electrical systems are up to code, making sure windows are large enough for fire safety, and making sure there is adequate on-site parking. Some cities even have property standards to make sure the grass is cut and the siding/paint is in good shape. Remember that you will pay property taxes on these houses even when they aren’t rented out and you will get calls at midnight to fix a water heater, windows, etc. Good luck.

• By Danny, July 6, 2010 @ 10:01 pm ONE GREAT BIG HEADACHE !!

• By glenn, July 7, 2010 @ 9:12 pm In my part of Texas there are no laws requireing single family homes be inspected before rental or during the rental time. A duplex or any connected property does have to be inspected on a regular basis. They are just looking for code enforcement problems and fire code problems (and security problems). For instance in Texas a rental property has to have certain types of security devices and has to have all locks rekeyed between every renter. They also have to have certain smoke dedectors in working order. Any locksmith would know if your area also requires certain locks for rentals. If you hire a very knowlegable home inspector before purchase that would help you catch most problems that you would hevae- but perhaps not all. I just rented an office space. The fire department required a certain type of lock but the City refused to allow that certain type of lock! I had to pass both inspections.

• By One Step Ahead, July 10, 2010 @ 11:22 am Good question–why did this property go into repos? Do the tentants pay their rents on time?? How many vacancy are there in the buildings? How is the neighborhood crime why? Are you planning on becoming a Slumlord?

• By Ross, July 10, 2010 @ 8:32 pm You need to find your market first and see if you can find a house that will work out. As far as buying, get a home with simple landscaping (tenants won’t take that good care of your your yard), laminate and vinyl floors (inexpensive and durable). When buying repos you will probably have to do repairs. Unless you have experience in this hire professional. You can loose more time and money screwing up you own handy man “fixes” than by hiring a professional. Everyday your home is not rented is a day you are wasting money. When making your repairs and upgrades remember it is a rental not your residence. Renter will not be as careful as you would be. Work to keep the cost down but make it nice. Screen your renters well and be QUICK to act on any problem with the home. If the renter see you care about the home they will be more likely to care. If you are slow to fix problems you are just asking to your renters to be slow on paying rent.

• By Doctor Deth, July 11, 2010 @ 6:42 am before buying at all – see how many vacant apts/houses there are in the area – too many means no one needs housing for whatever reason – might be a depresses area job wise – get a complete house inspection, including termites and radon gas – you don’t want any surprises – if it winds up needing a new roof or furnace or something, you might want to back out of the deal – put inspection contingency in offer sheet ( your RE agent can help you) – see if rental prices in the area will cover all your costs – mortgage, homeowners insurance, PMI, trash, water, sewer, other utilities you might have to pay, plus some for future major repairs (roof, etc) and profit) – if the school district is decent, it will be easier to rent a house to a family – research that

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