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I’ll start with my favorite. Just completed a nearly full renovation last winter! https://www.surforsound.com/property/920/
Pro
I currently have 3 buildings (14 tennants) in scranton PA.
Looking to sell them as followup with so many tennats is exhausting
Why not hire a property manager?
I’m thinking of buying a small multi unit property for rental and would love to get some perspectives of people who have done this!
I did this when I was 26... bought a duplex and ran as an airbnb while I was living in the other side for 2 years. I moved and converted into a long term rental. Home hasn't appreciated in value but rents have covered expenses. Paid bi-monthly on a 15yr mortgage so it will be paid off in roughly 12.5 years. After it is paid off I will probably sell to put cash into a larger investment in an appreciating investment (don'tn eed the cash flow right now). Original investment was about 80k and will end up with around 315k when I sell, so overall experience has been positive. However, it is very important to find a great property manager who will get you excellent tenants and a good interest rate on your loan.
Rising Star
I have a few multi-units (2-4) in two cities, slowed down due to COVID, but plan to kick things back off soon.
It's my ticket out of this joint
Here’s a question for you savvy folks - my husband inherited a multifamily worth $500K that generates $20k/year income (could be more if we renovated it / actually relied on it for income but the tenants are awesome and reliable). It’s fully paid off.
Any way to leverage this to buy another rental property? We know next to nothing about this type of stuff - just stumbled into it through his inheritance.
Don’t want to sell this one because it’s in a rapidly gentrifying neighborhood in SWFL and will likely cross $1M in 5-10 years once we renovate.
Thanks D1!
Own a duplex, townhouse, and condo, all long term, and one short/medium term house. Had a few instances of tenant damage that cancels any return for a year but overall happy with investments. Use a property mgr for half the rentals.