You hire a property management company and they handle collecting the rent and maintenance usually for 10-20% of the rent.
Apartment Buildings Are a Great Investmest Brehs
- Thread starter G.O.A.T Squad Spokesman
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I seen people take L's with apartments breh, especially in low income neighbourhoods. They can be a major liability on maintenance and other costs. That's how brehs end up becoming slum lords sometimes, can't even afford to fix their shyts.
1 other person
Superstar
5 units or more is a commercial loan. You can have the best credit but they are asking for a minimum 20% down payment. Thats 80K you have to depart with off tops
G.O.A.T Squad Spokesman
Logic Is Absent Wherever Hate Is Present
I'm not surprised. Most people work for someone else because they don't believe in themselves so if anyone comes along with an idea for them to fly on their own they'll find a reason not to do it.
In my opinion it's far riskier putting your faith in an employer that can fire you at any second.
the cac mamba
Veteran
22 units for 400,000 dollars 
damn
says you make 37k in profit a year
damnsays you make 37k in profit a year
Spliff
Godzilla got busy.
Half my circle of close friends rents out property within driving distance. Some of them know trades to help drive down costs. Their experience hasn't been anywhere near as negative as thecoli makes it seem. 
Crazy tennants is what the problem is with this, unless you can luck out and just get some students close to a STEM college and try to get them as the only tennants. You have to worry about people with kids if their kids tear shyt up. Like kids will fck up the plumbing by flushing toys and stuff down the toilet. Folks sneak in pets if you have a no pets policy, cat urine RUINS floors, folks try to have they're "cousins" stay with them etc....I saw all this stuff when I worked with contractors and property managers.....and these issues were from mixed races of tennants 
It's good to have property though, build wealth
It's good to have property though, build wealth
SnowflakesByTheOZ
Sorry, that's another B
Half my circle of close friends rents out property within driving distance. Some of them know trades to help drive down costs. Their experience hasn't been anywhere near as negative as thecoli makes it seem.
Yea that's what I'm saying 
. My dad converted our basement (you could call it that) to an apartment when he was jobless for a for a period and it was the best thing he could've done. Once you get a tenant who's quiet and pays on time it's the perfect situation. If something needs fixing like the shower, or an appliance he just does it himself. All this property management talk is foreign to me. nikkas just advertise their property on social media and the newspaper if you're old
. My dad converted our basement (you could call it that) to an apartment when he was jobless for a for a period and it was the best thing he could've done. Once you get a tenant who's quiet and pays on time it's the perfect situation. If something needs fixing like the shower, or an appliance he just does it himself. All this property management talk is foreign to me. nikkas just advertise their property on social media and the newspaper if you're old
G.O.A.T Squad Spokesman
Logic Is Absent Wherever Hate Is Present
This is the coli, if you don't have certs then your hustle is bound to fail with these dudesHalf my circle of close friends rents out property within driving distance. Some of them know trades to help drive down costs. Their experience hasn't been anywhere near as negative as thecoli makes it seem.
Spliff
Godzilla got busy.
Crazy tennants is what the problem is with this, unless you can luck out and just get some students close to a STEM college and try to get them as the only tennants. You have to worry about people with kids if their kids tear shyt up. Like kids will fck up the plumbing by flushing toys and stuff down the toilet. Folks sneak in pets if you have a no pets policy, cat urine RUINS floors, folks try to have they're "cousins" stay with them etc....I saw all this stuff when I worked with contractors and property managers.....and these issues were from mixed races of tennants
It's good to have property though, build wealth
Word you always hear bad tenants make or break the experience. Gotta almost assume they're gonna smoke and bring in pets regardless what your policy says. You see a lot of places ask for more than a months worth of rent for the security deposit these days. Insurance, plus helps weed out the bums.
Yea that's what I'm saying
Was the basement already finished//waterproofed or was it straight concrete?
Only one friend I know uses a property manager, but he has 3 properties with his parents. Idk if that has anything to do with it.
The others get their own tenants and fill in the lease gaps with airbnb. One solely uses airbnb because of how profitable it is. All on their own, no middleman. They're regular brehs working 9-5 with middle class wages.
CACarot
Where is Princess Fajita
Sounds good but not that easy. That $145,000 is factoring in you having full occupation for 12 months, and you know it doesn't always work that way. You also have to pay taxes, pay for maintenance, pay any staff you employ. Say t your only employee is a maintenance man thats atleast 50k salary you got to account for. You also overlooking if you need to pay any legal fees because of evictions or late payments, forming rental documents. Your not factoring in any security cost or administrative overhead, insurance....etc.
G.O.A.T Squad Spokesman
Logic Is Absent Wherever Hate Is Present
Bullshyt. My Uncle was one and all he got was a rent free apartment and a few hundred dollars a month.
High debt/intense capital investment upfront, outside factors will dictate your revenue (jobs, schools, other developers, etc.) and you still have maintenance and the BS of dealing with that many people in general. No thanks. Much rather put that kind of money in the Vanguard 500 and go to sleep soundly.