I just talked to someone at Southwest Missouri Bank, a fine bank here in Joplin. I was told that you can earn 2/10 of a percent on your passbook savings account. Of course SMB has many more types of saving plans, but my question to is: Are you earning good money in your saving account right now?
If you are not pleased with what you are earning at a bank, you may want to diversify your savings and try to earn a bit more money.
Have you looked lately at the price of renting a home?
Here is a sample of ads I pasted off Craigslist in Joplin:
Jan 31 – $690 / 3br – Single Family – Joplin, MO – (Joplin, MO) pic
Jan 31 – $1325 / 3br – 1800ft² – NEW CUSTOM DUPLEX IN LOMA LINDA – (JOPLIN)
Jan 31 – $655 / 3br – Very large 3 floor home. – (joplin) pic
Jan 31 – $625 / 1br – 510ft² – LOMA LINDA ALL BILLS PAID – (JOPLIN)
Jan 31 – $625 / 1br – 500ft² – ALL BILLS PAID ONE BEDROOM IN LOMA LINDA – (JOPLIN)
Jan 31 – $425 2 Bedroom Apartment for Rent- Close to downtown Joplin -
Does that monthly income look good to you?
Right now in Joplin, rental property is a hot commodity. There are several reasons for this.
Although there are some fantastic loan programs out there, if your credit is not good, it is difficult to qualify for a mortgage. There are many people who for whatever reason just do not have the credit score to qualify for a mortgage.
Many of the homes lost in the tornado where rentals. From apartments to rental homes, a great deal of rentals that were here a year ago are no longer available. People need places to rent.
Lots of people that I talk to are a bit weary of being landlords. Too many of us remember the old Michael Keaton movie, Pacific Heights, a nightmare movie for landlords for sure. But there are many landlords who are quite satisfied with their tenants. For those of you who are a bit timid, be sure to contact the Southwest Missouri Rental Association for great tips and advice.
If you have ever tinkered with the idea of purchasing a home to rent but are a bit hesitant, let me help you out. At our Keller Williams office, we have lots of ways to assist the investment buyer. Give me a call to see if this is the investment opportunity that would be right for you.