On Mon, 13 Sep 2010 18:44:15 -0500, Ignoramus20659
wrote:

On 2010-09-13, wrote:
On Mon, 13 Sep 2010 16:10:56 -0500, Ignoramus20659
wrote:

I'm pessimistic about your chances of keeping the building occupied by
paying tenants. As opposed non-paying ones, which are easier than ever
to find . :-)

Wayne, do you think that it is possibly a question of how much I am
asking?

I'd be working at evaluating the market. If there are lots of empty
buildings and few takers, then maybe offering low rent will help score
a tenant. Then again, you might be attracting the most-likely to make
late payments, etc. Have you figured out the cost/time to evict a bad
tenant if he refuses to leave?

As it happens a friend has decided to invest in low-cost rental homes.
$60k for the first one IIRC. I think he'll succeed because he can do
all his own work and can relate to the renters circumstances. So his
default rates should be much lower than average. He knows it will be
work though, and he wouldn't be doing it if he could earn more on safe
investments.

Wayne