For those who have rental properties!

1. What state/market do you have them in?
2. Do you live in the same state as your rental properties?
3. Do you manage them yourself or property manager?
4. Did you buy them under an LLC/ a different entity name?

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Posting as :
works at
You are currently posting as works at

NY
Yes
Yes (only have 2 units so it’s easy)
No. Most lenders won’t let you take out a mortgage under an LLC with no proven track record, credit score or income. You can buy the property and then transfer the title to an LLC later.

likehelpful

From what I’ve experienced, yes

likehelpful

1. AZ
2. No
3. Self manage
4. Nope

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With a cell phone.

If something goes wrong, I get a phone call or a text. I find a professional to fix the issue, and I pay them. That’s it.

What’s the concern?

CA
Yes
Property manager
Individual

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Recommendation from other property owners is best. Personally prefer companies with experience managing investment properties over individuals (realtors who say they also do this kind of stuff)

SoFla
Yes
Myself
In my name because it was my first residence, and I kept it as a rental when I got married and moved to something bigger.

smart

1. Chicago
2. No
3. Managed by biz partners(parents)
4. Yes

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1. FL
2. No
3. Self manage
4. No

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1. MA
2. Yes
3. Self manage
4. My name

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https://joinfishbowl.com/bowl_fs4nsg88vy

helpful

There’s a real estate bowl you might enjoy

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Ca
Yes
Property manager
My name

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1. Northern VA
2. No
3. Manage it myself
4. No LLC. Bought it as my first residence then moved away. Decided to rent it out instead of selling it

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I live in NJ. I’m 5 yrs into my first apartment and looking to move into something bigger. when I started to look at renting my place, I was told that renting can be stressful and tricky because tenants often decide to just not leave and you’re stuck with them with not without a lease.

Let’s say a lease ends and I decide that I need the place for personal use (need to move back or give it to a family member). Apparently it’s nearly impossible to do that.

Besides this, how do you maintain the property? How do you take care of things like broken appliances etc?

Because of all this, deciding to sell. Can anyone convince me otherwise? Because the whole reason I bought an apartment was to be able to rent it eventually.

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This sounds like a lot of “I heard things could be bad”… but not a lot of actual research. Have you looked into tenant laws in your state to see how they are worded? Do you know what the eviction process requires or how long it takes?

This sounds like a bunch of lines a real estate agent would feed you to get you to list your apartment for sale with them. I’d guess that NJ isn’t very landlord friendly, but still not impossible to evict at the end of a lease.

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