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Investing/Strategies / Owning Rental Property
|Subject: Re: The marital challenges of buying 1st rental||Date: 1/26/2013 11:07 AM|
|Author: reallyalldone||Number: 4708 of 5225|
I am a reasonably new landlord. I've had rental properties for about 3 years with 2 added last year. I first one was a bit accidental - I was buying something that would eventually be for me but not then.
My husband was pretty much only interested in his own work so he would never have been enthusiastic. After he died, I was looking and I have a good friend who is a realtor looking for properties in an area where I jointly owned a house with my son for about 5 years. I bought a short sale condo and a short sale townhouse last year.
All of my kids are grown and my time is pretty flexible since I am otherwise self-employed. Even with everything in pretty good shape, being a landlord is a lot of work and it can't necessarily be done in normal business hours.
You have children and your husband doesn't have a job where he can leave the office, fix something and return. He may be thinking this through more than you. The other piece is how long could you have a property vacant without worrying about the finances ?(not to post, just to review yourself).
I bought the properties as investments, looking for capital gains later, not necessarily income. If you are planning on a mortgage, check the requirements to get one for a rental property because they are different.
How many hours a week could each of you spend on this ? There's another good discussion. Do you have a written financial plan with your goals ? Was this in it ?
Hope this is food for thought.
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