【Question】I’m intrigued by the prospect of purchasing a rental house for the Japanese community. A couple of questions come to mind. 1) Does the owner need to fully furnish the house, or does the Japanese family ship their own furniture?; 2) Who pays utilities?; 3) Typically how much down on the purchase is the owner required to have?; and 4) Are you often able to find a new tenant when the 3-4 year agreement runs out?
I’m not sure we have the capital to do this right way, but maybe in a few months. You’re definitely piquing my interest. I never wanted to be a landlord to college kids, but this is different. 😉
【Answer】Thank you for your inquiry.
1) Does the owner need to fully furnish the house, or does the Japanese family ship their own furniture?
– They ship and/or purchase furniture locally. So it does not have to be furnished by a landlord.
2) Who pays utilities?
– Tenants do. If you include lawn mowing, some tenants are willing to pay more.
3) Typically how much down on the purchase is the owner required to have?
– In order for you to obtain a conventional loan, lenders typically ask for 20% down. Some banks offer portfolio loans and the rules differ. If you are interested, please contact Brian Hitchcock at the First Bexley Bank for their products.
Brian@614-260-5537.com
Mobile 614-260-5537
4) Are you often able to find a new tenant when the 3-4 year agreement runs out?
– Yes. There is currently shortage of lease houses for the Japanese community. Therefore, I show the potential tenants houses on sale to turn them into leased houses. As long as you keep updating the property, you will find a tenant without a problem.
