 What is it like living in florida? |
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maxhepp | I'm thinking of buying a 15 family dwelling. What kind of problems am I looking at as a landlord? |
I OWN TWO HOUSES, NO LARGE DWELLINGS. I'M WORRIED ABOUT THE HASSLES I MAY BE IN FOR. |
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doanel
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I hope you're young. My landlord had a heart attack way too young dealing with noise complaints (neighbor against neignbor), leaky faucets, other plumbing problems that had to be fixed no matter what day it is; late rent payments continuously; eventual legal eviction proceedings (getting a Lawyer to draw up the eviction paperwork), getting them served either in person or by registered mail. ON and on.
Good luck. |
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orntelove
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Main thing is people who will trash the units, pay w/bad checks or not bother paying at all.
I always take care of units I'm renting but first hand I've seen people that literally couldn't care about condition they live in then it's expensive to fix / replace |
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campesino
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You should be willing to dedicate a lot of time to do maintenance work or will have to relate with several handymen to do this for you. Also you may have to relate with some lawyer to do your legal work when necessary. |
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artist9120
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Alot, dont do it. People are constantly whining and complaining. everything gets ruined and u will hate it. sorry. |
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ELAINE C
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Your problems will be 15 families. |
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Someone
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Oh you name it you'll hear it. Maintenance issues of course, and they'll expect them to be fixed, yesterday. Then you'll have rent disputes, or people not paying rent. Too much noise, something smells, can I have another key. The list goes on and on. But you'll get a lot of rent money! |
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KConsults
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If the numbers pencil out, why not get a professional manager to deal with most of the issues?
I manage several 20+ units building for clients. The only time the client is involved with any of the "hassles" is when we have some type of emergency and there is an unexpected expense; such as severe plumbing back-up, failed water heater, gas line leak, etc.
Otherwise, we handle the rentals, collections, maintenance and emergencies for the owner.
If you screen your residents well and the property is located in a good neighborhood you will have fewer problems.
Keep in mind the financing scenario is much different on units than homes.
Good luck - hope this helps! |
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MomOfMax
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You will hear one neighbor complain about the other neighbors, you will have to buy more expensive insurance because they will probably treat it like a business rather than just a normal rental property, and you will have more people to bother you with their problems and sob stories about why their rent is late. It sounds more like trouble than it's worth! |
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Me2 Me2
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Besides all the items listed in the above posts you will also have to look at Commercial Financing. Not a big deal...just very different from residential financing. |
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pyelder
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plenty. I suggest you hire a management company. Besides regular maint. and routine repairs, rent collection will probably be your biggest headache. Unless you are a full-time property manager, all of the tasks related to a 15 unit building, can be overwhelming |
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