Quote:
Originally Posted by fastfredracing
We used to do section 8, but that usually brought us less than excellent tenants, Rarely, did section 8 pay the full boat, so we were always left on the hook for a good portion of the rent.
We finally just got rid of our last one. Rent was 740, section 8 paid $345. She has not paid us in a year, and my partner was scared of her drug dealing bad ass gangsta boyfriend ( I was too) , so he never evicted her.
She walked out on an $800.00 water bill too!
It was all a huge negative experience for me I used to carry a gun with me to go to work at the rentals. I cleaned up 100's of empty stamp bags. I've found needles .
|
Barely making any money (profit) would cause me to second guess doing any residential, then pile on all of things you mentioned and it's a complete non-starter for me. I know there are those where the upsides outweigh the downsides, but it seems like for every one of those, there are 10 with absolute nightmare stories.
I would sell all 5 and get into commercial real estate in some way. Seems like when you take the "that's someones home" factor out of the equation, the laws swing to the owner and extreme drama get taken out too. Sure, it's not perfect and has its own faults, but having to carry a gun and clean up used needles?!?!? I'm only 38 and even I'm too old to put up with that crap with out 100x's of ROI.