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oksanaputina

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Posts: 1
Reply with quote  #1 
Hello all I am new here and had some questions. Do you think it would be a good idea to buy a 60,000$ house in a not so great area and charge rent? Specifically in Milwaukee WI. I would be buying it in cash, and I live far from Wi. It would be in a low income area as well. What do you think?
LLinVA

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Posts: 254
Reply with quote  #2 
1 - Long distance landlording can be a major problem. It makes it a headache every time anything happens. It is difficult to make sure the property is being cared for and can lead you to be more forgiving of things you shouldn't be forgiving of. Ideally, you want properties within a reasonable drive that you won't mind doing at least monthly, even just to take a look at the outside to make sure things seem right. I wouldn't get anything further than 30-45 minutes from my home for this reason.

2 - Low-income tenants are more of a headache and you are more likely to have problems, but they can be more profitable. Because of the extra drama, I definitely wouldn't have them long-distance. I would want it even closer so I can definitely keep a close eye on the property. 

3 - We can't tell from this if this is a good investment. Without knowing what you could rent it for, what other investment options you have, etc., we can't even begin to say yes or no based on the numbers. The long-distance part would be my reason to say no to this, even if everything else looked good.
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