Owning rental property...worth it or too much hassle?

[alien amp pharm]

If I was offered a deal of running 34 two-bedroom apartments, should I take it?

More than likely this would eventually become my full-time job.

Is it a great income opportunity or not worth it due to repairs, keeping them rented, people who won't pay rent, etc. ?




(btw Curling has rental property, where has he been?)

 

[The Shadow]

Owning??

Depends on how much the bank note is versus how much rent you collect.

GREAT TAX benefits....but the insurance could be really high depending upon things like a pool etc.

I would not bother with the hassle of something that large.

BUT.....if you rent to cash in hand folks - it might be worth it...they typicall dont want any exposure/publicity - so they wont be bothersome

 

[rnch]

lil' aap.....would you be buying the place AND renting out the units....or just renting out the units?

 

[stilleto]

one of my friends has 2 rental properties. one is a store with an apt. over it. The store has been there for 20 years and i think the renters have too- so she is guarranteed rent every month and never has to look for new tenants.

her other rental unit is a 3 family house that she inherited. One family is permanent- they have kids in the schools and are allowed to have their dog... the other two are not so permanent and the cause of a lot of headaches for her.

 

[H_T_]

you can spend a lot of time sitting in court. can be a hassle most of the time.

 

[youngguns]

I've always liked this idea...

 

[alien amp pharm]

Ok let me expand

My parents currently own 14 1-bedroom units.
They have offered me a deal where they sell those and purchase 34 2-bedroom units.

I would be in charge of them totally. We split the income,costs,taxes,etc 50/50 (They are getting old and want to retire/travel)

There would be no financing involved as they would be purchased outright.

Obviously location and condition of the apartments would be a huge factor in considering this. This was just something my dad mentioned yesterday - we have not actually seen them yet. I would like experienced input before taking the next step.

 

[rnch]

a lot of headaches and aggrivation in managing rental units.....unless the bucks is worth it.

i am always shocked/dismayed at what otherswise "normal" looking people can do to rental property.

 

[digimon7068]

Owning??

Depends on how much the bank note is versus how much rent you collect.

GREAT TAX benefits....but the insurance could be really high depending upon things like a pool etc.

I would not bother with the hassle of something that large.

BUT.....if you rent to cash in hand folks - it might be worth it...they typicall dont want any exposure/publicity - so they wont be bothersome

exactly. . .cash flow is king.

the "tax benefits" cost money. . .

 

[Sub-Zero]

If I was offered a deal of running 34 two-bedroom apartments, should I take it?

More than likely this would eventually become my full-time job.

Is it a great income opportunity or not worth it due to repairs, keeping them rented, people who won't pay rent, etc. ?




(btw Curling has rental property, where has he been?)

if its ur only job it wont be THAT bad, otherwise everyone who rents out always bitches and has to deal with shitty ass people fucking up the houses/appartments