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Author Topic: I feel the urge to buy apartment complex and rent it out  (Read 1192 times)

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Offline duckwingduck

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I feel the urge to buy apartment complex and rent it out
« on: July 06, 2016, 04:55:38 PM »
Is it a good idea?  If my rental properties generate $50k a year, I would retire to Thailand or Laos.  :)



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Offline Believe_N_Me

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Re: I feel the urge to buy apartment complex and rent it out
« Reply #1 on: July 09, 2016, 01:26:36 PM »
Depends if you have good instincts to hire good tenants.



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Offline nightrider

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Re: I feel the urge to buy apartment complex and rent it out
« Reply #2 on: August 04, 2016, 07:29:30 PM »
Is it a good idea?  If my rental properties generate $50k a year, I would retire to Thailand or Laos.  :)

It is a good idea, but the question is can you even afford an apt complex with up to 10-20 units?



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Offline Hung_Low

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Re: I feel the urge to buy apartment complex and rent it out
« Reply #3 on: August 11, 2016, 07:18:59 PM »
Is it a good idea?  If my rental properties generate $50k a year, I would retire to Thailand or Laos.  :)

The biggest issue I think is finding good to excellent tenants and to keep them.
I think if you're going to buy apt and rent them out, you'll be better off buying houses and rent them out. This way, you can sell them one by one to retire on.



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Offline lexicon

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Re: I feel the urge to buy apartment complex and rent it out
« Reply #4 on: August 12, 2016, 01:33:19 PM »
Make sure you're financially capable first of all. Draw up a business plan. Find a property that fits your business plan. Research, research and research the investment property. I can't tell you how many people I've worked with that didn't understand that. Plan to be invested for a long time. And get in touch with people whose job is to help people like you.

I used to work in the industry before the bubble burst and I saw too many people who were in it to make a quick buck or two. They never fully understood the risks involved.



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Offline Sifu

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Re: I feel the urge to buy apartment complex and rent it out
« Reply #5 on: September 12, 2016, 02:32:04 PM »
You're going to need a good caretaker if you're not going to be around so that costs money.  Then you have to get someone to clean up, fix stuff, do yard work, etc which is more money.  Just like rental homes there will be yearly audits so you will need to fix stuff.  Lastly, the calls at 2am because the toilet is broken. 

We have thought of buying an apartment complex but without the support or good tenants it will be quite expensive to maintain.  Put it this way, we rent houses and there are more times when we would like to kick the tenants out.  I can't even imagine the process of trying to get rid of multiple people.  What a headache.



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Offline Believe_N_Me

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Re: I feel the urge to buy apartment complex and rent it out
« Reply #6 on: September 15, 2016, 11:14:20 PM »
Keep in mind that location will often determine the type of tenants you get.



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