09-18-2009, 12:05 AM
You have to figure out what your annual expenses would be (mortgage, taxes, utilities, maintenance, repairs); what the income would be (assuming not every unit is rented 100% of the time, as they may not be); and how much of your time you could spend 'being a landlord', i.e. dealing with tenants and their innumerable 'issues': e.g. the toilet in Apartment 4 is stopped up at 2 AM and water is pouring through the ceiling of Apartment 3, whose occupant's drug deal was interrupted. . .
Remember, too, that evicting deadbeats is very hard to do in most tenant-friendly cities these days.
If those calculations work out, and the building is not a complete dump in need of major work (roof, siding, furnace(s), wiring, etc., etc., then go for it.
Better you than me.
/Mr Lynn
Remember, too, that evicting deadbeats is very hard to do in most tenant-friendly cities these days.
If those calculations work out, and the building is not a complete dump in need of major work (roof, siding, furnace(s), wiring, etc., etc., then go for it.
Better you than me.
/Mr Lynn