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I have 4 rental properties around the country in Miami, Chicago, Dallas, and dc. Because I moved around a lot in my 20s. Rent covers the mortgage and taxes and they are going to be paid off in the next 10 years or so. I pay a realtor to show the place about every 2-3 years when people move.. and the tenants take care of maintenance (they call me and say the toilet is running, we get someone out to fix while tenant is home, and I Pay via credit card). Some have had really good appreciation, others are just doing okay.
All of them are in great areas of town and highly desirable, so I get really great tenants and the places rent pretty quickly.
It’s an easy way to build wealth, hedge against inflation, and provide a valuable service. I am coming up on doing some maintenance on one of them because the heater is about 20 years old, so you have to factor that in. As well as just upgrading the units to stay current (I got new floors and baths in one of them last year). I probably visit each of the units once a year just to check on the tenant and make sure everything is cool. I don’t mind though cause I am often in these cities for work or personal anyways.
I might keep the Miami and dc places into retirement and just use them as vacation or weekend places. And I’ll likely sell Chicago and Dallas at some point. Actually the tenant in Chicago wants to talk to me about buying the unit. I’ll see what she is thinking
Any advise or things to consider?
Sell, renting is a big pain that part of the body. N if ur new location is not drivable, u’d have to take a flight every time Thers a leaking faucet or door that’s not closing or gutters are not clean.
M1 - how about hiring rental manager who are responsible for repairs and managing tenants. Sure they’ll take their cut, which I’m fine with!
Depends on the expected rent. Typically rental agencies won’t take the deal for cheaper apartments < 1000$/M. N they’ll charge abt 100-250 per month. If u think ur place will rent more than that, then sure go for it.
Also account for 2-4% as maintenance cost for the home. All in all, it didn’t sounded a great value unless ur in one of the hot real estate markets