[Crashby]

I've been studying up on being a property manager / owner / landlord for about a year now, and I will start putting in offers very soon on some properties. I'm thinking of taking one of two roads... start small, and buy a few duplexes to get my feet wet, or buy a much larger, 2-building complex that has 15 units (more of an anchor property).
:dancing:

Either way, I would most likely outsource the property management (they get about 15% of rents and handle the finding of the tenants, collecting rents, arranging repairs, etc.).

Any one 'been there, done that'?

 

[DHS]

cooooooool. no haven't, but sounds like a fun job, goodluck.

 

[jdcamb]

My Brother and I offered a service to landlords where we would collect past due rents for them and a couple of other services for them. We were shut down because of Tenants rights laws and the inherent danger seemed to be not worth the risk. I am sure you have done your homework here but Property mangement of rental properties here in the City can be a consuming and expensive endeavor. If you get good tenants then you will be fine.... Bad ones and your going to lose your ass. Then you have the fact that you are responsible for the actions of your tenants. If they leave garbage laying around, sell drugs, or partake in illegal activities you are often held responsible for those actions. To me it just seems to be more trouble then it is worth.....jdcamb

 

[N8 v2.0]

Rental property is a hard way to make a buck usually but there can be money in it if you have the right properties at the right prices.

The thing a lot of peeps don't realize is that most banks won't finace rental property on anything longer than a 7-10 year note and require at least a 20%+ down payment. So some up-front capitol is a must.

 

[Crashby]

My Brother and I offered a service to landlords where we would collect past due rents for them and a couple of other services for them. We were shut down because of Tenants rights laws and the inherent danger seemed to be not worth the risk. I am sure you have done your homework here but Property mangement of rental properties here in the City can be a consuming and expensive endeavor. If you get good tenants then you will be fine.... Bad ones and your going to lose your ass. Then you have the fact that you are responsible for the actions of your tenants. If they leave garbage laying around, sell drugs, or partake in illegal activities you are often held responsible for those actions. To me it just seems to be more trouble then it is worth.....jdcamb

I am most likely partnering with an experienced property manager that manages 200+ units. My 1st possible property pulls in about $86,000 per year in rents with about $60,000 in annual expenses including taxes, mortgage, etc. - all driven through the Christian Family Services... current occupancy of 92% - Pretty unique opportunity.

 

[jdcamb]

I am most likely partnering with an experienced property manager that manages 200+ units. My 1st possible property pulls in about $86,000 per year in rents with about $60,000 in annual expenses including taxes, mortgage, etc. - all driven through the Christian Family Services... current occupancy of 92% - Pretty unique opportunity.

Yepper. Sounds like a good deal. Go for it......