[quote author="bltserv" date=1256011914][quote author="Geotpf" date=1256008391]Rents are higher than sale prices out here, so, despite everything I said, it's quite possible that these types of house can be rented out for a good profit.
At least in theory.</blockquote>
Geotph
I think you may want to experience that yourself before you make the statement. The guy that I work with has an
"Income" home in Fontucky. Its paid off. But its been through hell with the last 3 renters.
Un Paid Rents. Then it sat empty for a couple months. The 10 year old water heater was stolen and a bunch
of the plumbing removed for the copper. He had to remove cars and a couple tons of trash.
Now he has it rented again at a super low rent. And again. The new tenants with good credit are behind in the rent after 6 months.</blockquote>
I don't disagree-hence the "At least in theory" line at the end. If everything goes perfectly, there's lots of profit to be made. Even if things go slightly less than perfect, it could be profitable. However, in the real world, things can go significantly less than perfect.