My family owns several rental properties as well. It's a part time job to manage all of them, though it gets easier once you have 3~4, at which point they share the same resource pool for repairs and such.
some observations
- don't cheap out and buy in a bad neighbourhood. We did this once, and with the turnover/repair costs it made a loss.
- choose tenants carefully (you can say no). Families with income are best.
- know when to evict people. Rent for long enough and you'll certainly get a pathological renter.
some observations
- don't cheap out and buy in a bad neighbourhood. We did this once, and with the turnover/repair costs it made a loss.
- choose tenants carefully (you can say no). Families with income are best.
- know when to evict people. Rent for long enough and you'll certainly get a pathological renter.