Greece740IL
12-13-2006, 08:57 AM
HI-
I am looking for some creative ideas for generating income from a residentual home. I have the oppurtunity to purchase a 4br 2ba home on 1/2 acre with a 3 stall garage just outside a city of about 60,000 people. The home currently appraises for $180,000 and I can purchase it for $130,000. I am not planning on living in the home, so I would like to rent it out. The rental market in my area, like most areas im guessing, is very soft. I estimate the payment to be around $1,200 a month and this type of home would normally rent for $900 - $1100.
Does anyone have any creative suggestions for making the $1300 a month I need to cover my expenses. My plans are to do the cosmetic work over the winter and put it back on the market this spring at a price of about $165,000 to $175,000. But I would like to cover the payments until I can sell it in about 6 months.
A Thank You in advance-
I am looking for some creative ideas for generating income from a residentual home. I have the oppurtunity to purchase a 4br 2ba home on 1/2 acre with a 3 stall garage just outside a city of about 60,000 people. The home currently appraises for $180,000 and I can purchase it for $130,000. I am not planning on living in the home, so I would like to rent it out. The rental market in my area, like most areas im guessing, is very soft. I estimate the payment to be around $1,200 a month and this type of home would normally rent for $900 - $1100.
Does anyone have any creative suggestions for making the $1300 a month I need to cover my expenses. My plans are to do the cosmetic work over the winter and put it back on the market this spring at a price of about $165,000 to $175,000. But I would like to cover the payments until I can sell it in about 6 months.
A Thank You in advance-