Date registered: Aug 2005
Location: Lawrence, KS (USA)
Mentioned: 0 Post(s)
Quoted: 2 Post(s)
Originally Posted by Musikmann
First of all, thanks for your advice and encouragement.
I thought that hiring someone else to do the maintenance work would (at least partially) negate the potential profits to be had (?) but I suppose this has a lot to do with the condition of the property when we buy it.
Another thing I discovered in this area, is that landlords typically buy an apartment building, keep it for 5-6 years, do next to nothing to maintain/improve it, and are then trying to double their money by selling it. I looked at several, and they were all dumps, to put it mildly.
Anyway, I haven't completely given up on the idea, and hope to rent my modest home when, and if, I can financially justify moving into a nicer one, or at least a better neighborhood.
Congratulations on your real estate successes!
Thanks! My maintenance guy is also one of my tenants and has been w/ me nearly 20 years. I give him a break on his rent and he gives me a break on what he charges to do just about everything. I would also recommend that you not buy an apartment building or single family homes. I have all duplexes and triplexes and they pay very well and hold their value better than most other types of property. One thing I have learned is that it is too easy to "wait until they can financially justify one thing or another." You will find that most bankers will be glad to help you finance whatever you want to do and/or buy. Don't wait too long. Just do it!
Don't believe everything you think