- 7 years ago
- Wedding: August 2011
An interesting opportunity has come up, in which I might be able to invest in a 4 unit appartment building for a long term investment.
everything is up to code (my father actually did the wiring in all units) and it’s currently all occupied. There are some things that need to be done (new insulation, etc) but it can hold off for a few years until I have built up a bit of a cushion.
The apartments are rented out really cheap right now, and still cover the mortgage/property tax, with probably $1000/month extra. Increasing the rent about $100/month for each unit would likely happen, as new tennants move in, etc.
My question: What’s it like to be a landlord? Is there anything that I should seriously consider that might affect my future? (Ie: could it affect my ability to buy a house for myself, etc)
I’m not concerned about late rent, and things breaking, as those all come with the territory of being a landlord.
Any experienced bees have stories/advice to share?