investing in rental properties -- any tips or books to recommend?

[Anonymous]

It seemed like an awesome idea at first, but the amount that we pay in mortgage every month on the house that we are renting is VERY close to the amount that we get in rent. So months that things break that I need to fix, or there isn't a tenant in there paying rent (luckily this is very rare) or even the months when the tenant pays late...its not the cash cow I had hoped for.

14:22 here - this is exactly what I was driving at. Assuming OP is talking DC metro area - the numbers generally don't work here - a warning sign.....

[Anonymous]

PP. why don't the numbers work in DC? Expensive housing means people can't afford to buy so they rent instead right?

[Anonymous]

Anonymous wrote:PP. why don't the numbers work in DC? Expensive housing means people can't afford to buy so they rent instead right?

Expensive housing is just as expensive for the investor to purchase as it is for anyone else. And said investor has to offer the property at market rate or no one will rent it, so unless the numbers work out just right, there is a very slim margin between what they are paying for the property and what they are being paid in rent.