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Some people have just had bad experiences and cannot see past it.

Rent is not pure profit and cannot be a sole source of income, but you should be able to make some money on it. You have to remember that besides maintenance costs there is the mortgage and taxes to pay as well.

That guy with the 25 units must have had a really high mortgage.

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I think many dislike the property management part of it. If you can hire that out you never even have to meet a tenant.

That would take a lot of the hassle out of it and allow you to spend time accumulating more units.

Rental property is an asset that causes you to pay real estate taxes, incur repair and maintenance, is expensive to sell and may decline in value. Many investors simply find out they do not prefer real estate as an investment. It is not without its own unique risks.

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You said”"That guy had 25 units and he can’t rely on them as a sole source of income???? Let’s say you rent out 1 unit for $300 a month. 300 times 25 is $ 7500!!!! EVen if only 15 units are rented that’s $ 4500 a month???)

And people always say that rental properties are hard to maintain.
Well, houses aren’t that fragile you know, unless they are made of styrofoam or cardboard.”
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That was my answer; and when pay the mortgage, month plus insurances, plus a manager, plus utilities, land scape, pool care, common area maint, advertising, plus maintenance and updating the units, 7500 a month is not even close to a enough. That wouldn’t even cover the costs. His rents were closer to double that, but that only means the mortgage is higher. He had a great day job that allowed him to get started, and had a certain life style he wanted to maintain. for himself and his family.

The one that did have the lare complex is doing great, but it took time and work to get their. When I was younger they almost lost big due to a law suit at the complex.

If you think it is easy to make a living at rentals, do it,write a book telling those of us who already do it what we did wrong.

I am saying it is worth while but don’t expect to make a living unless yo have some $$$$$$$$$$ to back you, and single family homes would not be the way to go.

I currently only have a couple rentals myself and have not paid on red cent for them. I do own other property that I can develop latter. The homes pay for themselves, but that is about all they do. From all the work I will end up with a little cash flow (maybe), tax breaks, and free houses. That alone is enough to go into rentals. I have put nothing into these homes except time. I put money and no time into my other investments. Just another way to help insure a comfortable retirement.

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Rental props are a good idea. There is maintenance involved but I would get a home inspection first to make sure the house or bldg is in good shape with nothing major wrong. I would also screen your tenants. Do what major apt bldgs do- qualify them. Run credit, paystubs etc to decide it they are a tenant worth letting move in.

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“That guy had 25 units and he can’t rely on them as a sole source of income???? Let’s say you rent out 1 unit for $300 a month. 300 times 25 is $ 7500!!!! EVen if only 15 units are rented that’s $ 4500 a month???)”

If you have a duplex, 2 units would be $600 a month right? $60,000 mortgage is $432 + taxes, insurance, PMI, call it $550.

So your making $50 a month (or $25 a unit) off your properties. How many months do you have to have it rented to replace an air conditioner? $1,400/$50 = 28 months. You don’t think there is $1,400 in maintenance at least every 2 years?

It’s not hard to make money in real estate, you just have to look at ALL the numbers, not just your gross income. Buy a property at the right price, rent it at the right price, and you’re looking to make around $100-$200 a month per unit. At 25 units thats only $2500 – $5000 a month, I’d still want a full time job. An yes, maintaining 170 unit would take every weekend. I get a call for maintenance from each unit about 2 or 3 times a year.

Of course the better deal you get on your place, the better your numbers will look. Be sure to make enough profit that you can hire a property manager when you get fed up trying to track down deadbeats every month!

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Education is the key to understand what you want to do,but how to do it. I suggest that if you decide to become a landlord you should get as many books on the subject as you possibly can.

Nothing is really easy,it takes hard work to accomplish what you want. It is only easy because you enjoy what you are doing and have fun doing what you like. The other part is education. You must continue to keep on top of the newest things that come about in your field

You should also learn the ends and out of purchasing a property for the maximum income you can obtain.

Then there is the maintenance and up keep. This is not an easy chore. Some landlords hire others for landscaping, plumbing and electrical work that need to be done. Some landlords are handy men/women that can do some of the work themselves.

You will always have painting to do, broken windows, toilet issues, carpet renewal or patching tile and cabinet repair and other things to keep your place in a rental condition.

You should also join the local Apartment Housing Association. This is a group for landlords.They have many necessary forms such as rental agreements, eviction forms etc. They can also assist you with a way to obtain credit reports for potential clients.

There are taxes, depreciation, deposits that need to be returned and the interest that goes along with this,damages to be assessed as well as other tenant related items.

I hope this has been of some use to you, good luck.

“FIGHT ON”

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Let’s say you have your rental property out from under a mortgage…and you’re in a semi-decent neighborhood. Duplexes enjoy all kinds of fun property taxes…I have several which require property tax of around 1000 bucks a half.

So by your math, if I only rented out half at 300 bucks, I couldn’t even pay the taxes, let alone the maintenance, lawyer’s retainer, cost of running background checks, the water and trash bills (my county requires them to be in the landlord’s name), so on and so on.

Of course, a property like that doesn’t rent for 300 bucks, it varies a lot more than that. I do a fair amount of math to calculate what it will take to break even if 90% (a good average) of my units are rented.

Then I have to figure out what my competitors are charging…if a house across the street is renting for even a little less than mine, I better have some amenities they do not.

And if the house is under a mortgage….well, I don’t count on making money on it…not right away at least. I often DO make money on them, but it isn’t an amount I could retire on.

If you really want to make some real money on real estate rental, buy a parcel of commercial-zone land in a good spot and build a shopping strip or office center. Those return much more reliably, but the bar for entry is a lot higher.

If you had the means to buy 100 houses, you likely can buy a couple strips of well-placed commercial property…and that will make you much better off.

For the record, housing rental is not a bad gig. It is just not an easy one. You are getting these answers because every question you post sounds like you have completely not thought this through. All you post is math that fails to account for a good 90% of the things involved in renting, then ask why people tell you that you’re off base, and expecting too much out of renting.

I don’t mean to judge you, but your collection of posts on this subject amounts to the portrait of every failed businessman ever. The “it’ll be easy!” mentality. The fuzzy and incomplete math. The failure to account for even the most obvious of expenses (taxes…?). And the disdain towards those who are trying to warn you that you’re in over your head…

Oh and the “houses aren’t fragile..” statement…of course they aren’t, when you only have one. One house will experience a semi-major repair (say, carpet replacement, a broken fridge or a leaking bathtub) every couple of years. A major one every 5 years (septic tanks, roofs, siding, that kind of thing).

That’s when someone lives in it who owns it. That person has a vested interest. In rental properties, one of of 20 residents are the equivalent of a mini tornado. One of out 10 are *only* pigs.

Even if you go by the earlier figures, in your 25 units…you will be in each one once a month for a at least a semi-major repair..that’s if they space out, usually…everything breaks in the same month. And it’s usually the same month that your own house has a major repair on the books.

And it isn’t counting all the jammed garbage disposal, plugged toilet, stopped up sink, leaky faucet, bugs-in-the-house, broken locks, noisy ceiling fan etc etc minor repair calls you take. With 25 houses, you can bet you’ll get those 4 times a month. Not too mention keeping up on any common areas…

Now, consider the pigs and tornadoes…and you also get to look forward to replacing a lot of stuff when you turn over a unit (oh yeah…turning over a unit can easily cost 500 bucks…the pig ones will run you 1000, and I’ve seen tornadoed apartments that completely wipe out the entire lease’s profit value).

Bottom line: It’s NOT easy money.

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