Re: Tough times tough market - Landlord Forum thread 345341

Re: Tough times tough market by Magic Mike on May 31, 2016 @13:47

My rule of thumb when buying a rental unit is to ask myself, can I get at least $900 a month of it. If I cant, I dont buy it. I have found that under $900 I get problem tenants. Above $900 I get excellent tenants. $900 is a magic number for me. However, I am not in NC. You need to figure out that cut off for yourself.

Your credit is already toast if you are more then 90 days past due.

For 20 units you should have rolled these into a corporation. It would have shielded your credit.

Sell off the worst units. Pay down some debts. Focus on profit margins. If you are getting below market rents your units are not competitive. Make sure they are clean with options that appeal to renters like parking, appliances, etc.

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