Any landlords among DUers?..If so, Novice w/ questions here..a little help

[masmdu]

I'm thinking of tryiing my hand at property rentals and have just begun to search for properties.

I have found some good possibilities in some mult-unit buildings and I am just playing with numbers at this point.

I'm trying to get a handle on what to expect for Vacancy rates....10%, 20%, 40%???

ANybody with some experience here your help would be greatly appreciated.

Also, any numbers (as percentage) for maintainace would help too.

Thanks
M

[JuniperLea]

1. Talk to some property management companies

Even if you don't use them, they should be able to give you some good information.

Personally, I'd opt for the management firm and let them deal with the whole thing. I'm too soft... If someone needed ousted or called on the carpet for screwing up the property, I'd rather be the unseen owner.

[masmdu]

3. Yes...I am thinking of Management Cos...but I still need numbers to figur

figure out if the deal is wourth moving forward on.

What were your vacancy rates like?

[pepperlove]

2. Hasve rented out mobile homes

and oh my.. you are headed for immense headaches. Good luck.

[MadHound]

4. My best advice for you is to

FLEE! RUN FOR THE HILLS AND DON'T LOOK BACK!

Honestly, my sister and I inhereited our fathers rental properties when he died, and it was an absolute nightmare. Whatever money you make is nowhere near enough to make up for the time, trouble, headaches and monetary expense of being a landlord.

I've talked to many other landlords and there are two options. First is to get a property managment company to take care of your properties(and thus costing the vast majority of your profit), or be able to deal with all kinds of weird, strange shit, 24/7.

There is no way in hell you could pay me enough to be a landlord ever again.

Also, with the housing market starting to deflate, you might want to wait a year or so and see how housing prices go. Otherwise you could be really screwed.

[silverlib]

5. Here's my experience....

Care enough about the property to want it kept up and kept up well. Always encourage improvements within your budget. After all, this raises the value of the property.

If you have a good renter - don't raise the rent. I managed to keep a good one for seven years once and the money I saved far outweighed any money that would have been made by higher rent to a not-so-perfect renter.

If you are going to manage the property - live close and be the handyman. This gives you a hands on opportunity to see how the property is being kept.

Furnish air-conditioning/heater filters. Repairs can be expensive.

Also, watch the movie "Pacific Heights." I've had a similar experience and, if you do this long term you probably will, too. (And it's not a bad movie.)

Vacancy rates will vary incredibly over the years.

If it becomes too much of a headache - sell. I did. I had a woman who couldn't afford the rent and was constantly late - I had moved too far from the property and could no longer do the maintenance myself. She was a excellent housekeeper and very creative, so when the house went on the market, I promised 60 days notice, last month rent free and guaranteed deposit return in exchange for her agreeing to keep the house "up for show" and to work with the realtor. (I learned this trick from an old landlord of mine.)