how hard could it really be?
Famous last words...
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Free registration at the forum removes this block.how hard could it really be?
Whatever you think you're going to spend in annual repairs and maintenance, multiply it by about 4 until you have a solid history that you can use to estimate.
Famous last words...
Whatever you think you're going to spend in annual repairs and maintenance, multiply it by about 4 until you have a solid history that you can use to estimate.
Anarchy means f*ck the rulers, not f*ck the laws.
As far as the 4plex goes, I've owned one and didn't like it. If you think you're getting a steal, you're probably not. It's not impossible, but just against the odds.
Did you have someone you personally know and trust that has a lifetime of experience in fixing homes inspect the place? The average home inspector is less than worthless, so if you based your assessment off what they told you, definitely 4x your repair budget.
Know that every time you have to evict someone, it's about a year to recover that lost revenue. You're going to have to pay to evict them, pay to fix the apartment (even just cleaning / painting), and it's going to take time to fill that vacancy. It's also lost time to screen tenants and show the property.
Also know that people are dirty filthy liars and will try to take advantage of you, so cut them no slack. Rent must be paid on time, every time, and late fees strictly enforced. Unless you're renting out to high end professionals, people are living paycheck to paycheck and they truly embody the side walker lifestyle.
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