Being a Landlord and working full time.
In this episode my guest Colin Corp and I are talking about how he is buying and managing rental properties while he works full time.
Colin shares with us his secrets to finding, financing, rehabbing, renting and managing his properties.
Colin discusses how he was able to replace his wife’s income through his rental properties. We also talk about he he is trying to replace his own income with rental income.
The 2% Rule
We talk about thhat ase using the 2% rule to analyze properties. The 2% rule is a guide stating that the monthly rent should equal approximately 2% of the purchase price. This is not easy to get. Typically, you are going to see more like 1 to 1.5% when you analyze properties.
950 (monthly rent) / $60,000 purchase price = .015 or 1.5%
Colin uses www.postlets.com to market his properties for sale. Postlets syndicates your information to a bounch of different website. Postlets also has a really nice template that copies into criaglist to make your ad stand out. Colin says he has had great luck with this free website.