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Would you recommend buying a cheap house to rent out and save for an investment?

I am thinking of buying a cheap house (maybe on that has been forecloased on)..fixing it up and renting it out. I am concerned about it being a former "METH LAB" which is dangerous. Do you have any recommendations?? Would you do it?

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LillyMommy

Asked by LillyMommy at 2:01 AM on Mar. 29, 2009 in Money & Work

Level 7 (176 Credits)
Answers (5)
  • Don't pick a former meth lab.. obviously that stays with the house... but if you have money to fix up and do all of this.. I don't see why not.. perhaps choose a smaller house instead of like drug house
    Jan0609momma

    Answer by Jan0609momma at 2:57 AM on Mar. 29, 2009

  • Renters have a disclosure right just like buyers do. When theylook into they'll know its a former meth lab so it will be difficult to rent out. Also what if they had kids and the babies got really sick from living in a former meth lab? Could you live with that? You have to remember that stuffs going to be impossible to get rid of in the insulation, in the wood in the air vents everywhere. Just a really bad idea. In this economy flipping a house for renting is a pretty bad idea anyway. Why don't you wait until the economy gets a little better that way you aren't gambling what could be a potential crippling loss. Also remember that a lot of times renters trash the house and dont actually pay the rent once living there. Anyway good luck!
    Anonymous

    Answer by Anonymous at 3:02 AM on Mar. 29, 2009

  • no matter what people are always looking to rent something at a great price- lower the security deposit have the health department do tests after you clean it - or the police department and get results proven youve gotton rid of the residue- they have test strips they swipe accross the wall, at least where i'm from they do.......if i were you i would go for it!
    tonipaffel

    Answer by tonipaffel at 11:41 AM on Mar. 29, 2009

  • honestly I would say no! I live by the standard you get what you pay for. On one hand yes rental income would be nice but what happens when "el cheapo" needs a new roof, heater, carpet, windows and such to keep it up as a decent place for someone to live. And it turns into a money pit?
    pagirl71

    Answer by pagirl71 at 2:42 PM on Mar. 29, 2009

  • the only way this will work is if you are willing to put the work into the house, and honestly the only way you are going to bring in income on a rental is to buy a duplex or multiple home. A single family home is going to cost you too much to fix up with little return on the morgage and the main reasons why single homes are rented is when a family moves away and has a hard time selling. I would suggest a duplex home or multiple home. Spend a little more, fix it up, and rent it out. The best way to do this is to start on one apartment, fix it up, rent it, and move on to the next.
    xxhazeldovexx

    Answer by xxhazeldovexx at 6:44 PM on Mar. 29, 2009

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