4 hours ago
Been there, done that, don't ever want to do it again.
Had a condo that we used as part time (high season) rental. Did ok the first few years. Then the housing market crumbled, which caused the rental market to die since all the investors couldn't sell so they were renting out. Also, condo fees basically almost tripled over 10 years. Remote managing was a pain, and local management was expensive. Found out I was basically paying them to do stuff the tenant should have been doing like changing light bulbs and programming the cable remotes. Sold for less than we paid, but was able to get most of it back writing off the loss.
Wife and her mom had a rental house with apartment locally. Over 10 years, they had two tenants in the apartment who were great. Almost every tenant in the house though were horrible. Late rent payments, refusal to maintain the yard, flea infestation, non-approved pets, etc. Thank GOD they sold it literally a month before Covid hit. Otherwise I'm positive the last tenants would have just stayed in the house and not paid rent for years.
Wife's mom has a bunch of commercial and residential rentals that were handed down from her father many decades ago. Same kinds of issues... one of her commercial rentals refused to pay rent for over a year before they could evict him. He owed close to $50K in back rent. They're still trying to get it from him.
You may be able to get rich from real estate, but I have no desire to ever get sucked into that again.
Had a condo that we used as part time (high season) rental. Did ok the first few years. Then the housing market crumbled, which caused the rental market to die since all the investors couldn't sell so they were renting out. Also, condo fees basically almost tripled over 10 years. Remote managing was a pain, and local management was expensive. Found out I was basically paying them to do stuff the tenant should have been doing like changing light bulbs and programming the cable remotes. Sold for less than we paid, but was able to get most of it back writing off the loss.
Wife and her mom had a rental house with apartment locally. Over 10 years, they had two tenants in the apartment who were great. Almost every tenant in the house though were horrible. Late rent payments, refusal to maintain the yard, flea infestation, non-approved pets, etc. Thank GOD they sold it literally a month before Covid hit. Otherwise I'm positive the last tenants would have just stayed in the house and not paid rent for years.
Wife's mom has a bunch of commercial and residential rentals that were handed down from her father many decades ago. Same kinds of issues... one of her commercial rentals refused to pay rent for over a year before they could evict him. He owed close to $50K in back rent. They're still trying to get it from him.
You may be able to get rich from real estate, but I have no desire to ever get sucked into that again.