The market is improving but there are still plenty of bank-owned and auction homes for sale due to foreclosures that have finally processed. During the past 6 months, I have sold plenty of $25,000 - $60,000 homes to investors looking to better invest their funds sitting in savings accounts. A couple of my clients have even borrowed funds from their banking institution at 4-6% interest rates since their rate of return with rental income is actually greater than the mortgage payment, interest, and all expenses needed to be a landlord.
Have you been thinking of becoming a landlord? Yes, there are many duties associated with maintaining an investment home and managing tenants, but if done correctly, the benefits outweigh the risks. Some clients will use property management companies to handle their rental properties and some are ok with taking on the duties: marketing the property, finding and screening tenants, collecting rent, repairing the property, etc.
There are plenty of resources (including myself) that can be used to buy your first property and begin the rental process. I can even help create a website for you where you can screen tenants and collect rent. Contact me today!