Anyone landlords here?

[Davtona]

I've had a 4 plex for going on 5 years now. It is in a small rural town close by. The secret is in who you rent to. Nicer apartments attract better people who can afford more and will take better care of the place. Two of my units are rented by retired people. That has really worked out well. They like a nice place and will take care of it and the rent is always on time. And they are long term renters. I try to keep them happy and fix things on a very timely basis. I mean you're going to have to fix it anyway why not do it right away and keep everybody happy. Have a quite in depth lease and no smoking and no pets as policy. Within a year of having it the rental had earned a reputation that was better than what it had with the previous owner. Once you start to form that your rentals become more in demand. I have had no vacancy's now for 2 years. And when one opens up it is filled quickly although they are harder to rent in the winter. People don't like to move then. I do all my own maintaince though but hire the mowing and snow removal. Depending on the repairs hiring everything done would eat up the profits I suspect. Also you need to somewhat enjoy that type of work. If you dread painting, changing out a facuet or pissing with a garage door opener that isn't working quite right then maybe this isn't for you. Helps a lot to have a wife who will clean the place when needed also. Tax wise it is a plus also. I've been considering another one. Lot of good advice brought up by everyone in this thread also. All in all I would do it again.

[1BAD68]

Thanks for all the advice, we bought it and will close on April 6th.
Couldn't pass it up, got it for 50k and 4.75% for 30 years. Pretty cool for a investment property.
Also cool is my nephew and his soon to be wife were looking for a place, so he's going to rent it.
Just a nice little 3 bedroom with a 1.5 car garage and fenced in backyard.

[68 Bullitt Charger]

Had a 2 Family Home, Now a 1 Family however the whole "Rental" thing is not cracked up to be what people think it is. My Rental House was in an excusive high Dollar neighborhood commanding high Dollar rent's and although Renter's would have good credit, nice People, etc, The Apt would wind up getting wrecked, waiting to collect rent, headache's, etc. I personally would never do it again and personally you should really think about all the aspect's before pulling the trigger. The number's on paper sound great, however the headache's are not worth it IMO. Good Luck and all the Best!    Joe NY