help needed from anyone who has owned multi-family properties...

**BigOrangeXJ** · 04-22-2006, 05:39 AM

I am looking for a general consensus on people's experiences from owning and renting out multi-family investment properties. I just turned 21 and have been doing a lot of research and reading and want to get into real estate investing. I know it can be risky, especially when it comes to tenants not paying rent and/or destroying your property, but I want to hear from people who have actually owned multi-family properties and know what their experiences have been. I have talked with people who have almost gone bankrupt, had extensive lawsuits, and had bad tenants that they have trouble evicting or getting rent from, on the other hand, many say it's a great investment. One guy had over 30 properties at one point and was reeling in the cash. Any comments? Please vote on my poll too.

**BeachinXJ** · 04-22-2006, 06:06 AM

I would not reccomend doing it @ 21. My father has done it while I was growing up and did pretty well with it, but he also had a bit of money in reserve for the things that come up with the property.

Rusty the Scoob · 04-22-2006, 06:52 AM

It's going to be tough with housing prices as high as they are... 10 years ago the house prices were far lower compared to the incomes... Longterm, though, it's almost always a good idea!

**BigOrangeXJ** · 04-22-2006, 08:01 AM

well just as a "for instance", I recently came across a local 4 family with 5 units. all are already occupied and all have leases. it is bringing in, $1000, $850, $750, $750, and $750. that means even if I paid the mortgage as if it were a 15 year mortgage, and after property tax and insurance, I would have $1500/month to bank. it is $300,000. I have already been preapproved for $280k and that's not counting my other job. i figure worse case scenario, if there were a major repair (less than $10k) in the first 6 months, I could just get a personal loan or charge it. otherwise I will be able to bank $2500/month, or about $30k in just one year. I am trying to start early so I can have at least 3-5 properties by the time I am 30, so I can sell one later on to have a $300k down payment on my own home, and keep the other two for income. also, a friend of mine bought his first property at 21 and has had no problems yet. this is basically what I have to look at

MeCasa · 04-22-2006, 08:15 AM

I think both the temperment and business acumen of the individual determines whether or not they are suited for this type of investment

I also think a post discussing this in a Jeep forum is kinda nuts

Oh well, Live and Let Lve and all that good sh*t

Lotsa Luck

View Poll Results: What are your experiences with renting out multi-family properties?
I think it is a great investment and would highly recommend it.	2	100.00%
It's not all it's cracked up to be, and not much money can be made.	0	0%
I would never recommend it or think of doing it again.	0	0%
Voters: 2. You may not vote on this poll

04-22-2006, 06:52 AM	#3
Rusty the Scoob Registered User Join Date: Jul 2004 Location: Boston Posts: 907 Profile Gallery Classifieds My Jeeps	It's going to be tough with housing prices as high as they are... 10 years ago the house prices were far lower compared to the incomes... Longterm, though, it's almost always a good idea! __________________ 2001 TJ Sport 2" coil lift, 31" TrXus, swapped in 3.73s, ORFab cage, Aussie front locker, A to Z Fab rocker skids, JeepMedic Oil Pan Skid, JeepMedic LCA skids, Alloy USA D30 Seals, Warn Diff Skids, Cobra 75wx CB, Jeeperman prototype front bumper, 9.5ti, custom rear bumper, Rokmen frame tie-in kit.

04-22-2006, 08:15 AM	#5
MeCasa Registered User Join Date: Mar 2006 Location: Texas/New York CJ Posts: 716 Profile Gallery Classifieds My Jeeps	I think both the temperment and business acumen of the individual determines whether or not they are suited for this type of investment I also think a post discussing this in a Jeep forum is kinda nuts Oh well, Live and Let Lve and all that good sh*t Lotsa Luck __________________ Sex is dirty only if it's done right .... Live and Let Live .... Rules are Boring and I Don't Like Them ................................................ MeCasaEsSuCasa .................................