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

[The Shadow]

You would be suprised with cost of living where I live.

My parents nice 1 bedroom with washer/dryer hookup and free water in town minutes from campus goes for $350/mo. and they look practically new.

....the COL is irrelevant to out of pocket expenses...it just means that beacuse it IS so low - that the rental income each month is low as well.


Yes - your property taxes etc will reflect the COL....but basic repairs....and even the cost of insurance will not be affected by that.

 

[AAP]

I have 3 rentals. I have the combined two units I was living in before I bought my house and I have the 2 condos I purchased with the settlement money I got from that contractor from hell.

The ease of the situation depends on the tenants. Good tenants go a long way. I am lucky that I found decent families to rent the 2 condos across the lake. The other unit is rented by a snowbird so it sits empty half the year.

You do this as an investment, not as a way to generate your sole monthly income.

 

[alien amp pharm]

I have 3 rentals. I have the combined two units I was living in before I bought my house and I have the 2 condos I purchased with the settlement money I got from that contractor from hell.

The ease of the situation depends on the tenants. Good tenants go a long way. I am lucky that I found decent families to rent the 2 condos across the lake. The other unit is rented by a snowbird so it sits empty half the year.

You do this as an investment, not as a way to generate your sole monthly income.

That is the key.
It's a given I will have quite a few problem tenants with 34 units. Plus I am not a people person so the mix may not sit well.