I know people who do rather well with them. Its like anything some people love it, some hate it. I find in our area 3-4 unit properties tend to cashflow pretty well, and thats as big as you can go without a commercial loan.

I am looking to purchase one or two next year as well.

It seems the "trick" if you will, is to buy enough of them that you can afford to hire a property manager; before you get tired of managing them.

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2016 Corvette Stingray 2LT
1969 280SE
2023 Ram 1500
2007 Tiara 3200

Managing them is the easy part. Try and do repairs and maintenance on them yourself. Not a big deal if you have one or two. Any more and it becomes a second job.

Want to contract out the maintenance and repair? The cash flow won't stomach that for very long.............

One important trick to successful landlording is not to rent to people like this. They are not worth the headaches. People with problems like this can usually be identified thru their bad credit, poor landlord references, and eviction records.
Make sure you run credit reports on all potential tenants, get a couple of good landlord references (and make sure you are actually speaking to their landlord and not just a friend) and check the eviction records if you have any doubts.
More than half the hard work is done in the screening process. In my experience, there are plenty of good tenants with good character, you just have to develop good techniques for finding them. I've been doing it long enough that two or three sentences on the phone, or a few words in an e-mail are enough to begin to give me a strong hints as to whether I want to rent to the person or not.

Looks like tom and I were posting at the same time. I have 17 residential apartments downtown in a city. I've had to evict 3 people in 15 years. Two were tenants I inherited and 1 was a bad choice I made. I've had a handful of tenants I didn't evict but I wished I didn't have them but just waited for them to leave. I've had one tenant for 15 yrs. Great guy. I find it a good policy to keep the rents slightly under the market so that I almost always have a lot of choice in people I choose to rent to.
A do it yourself eviction in Denver will take about 2-3 weeks if you're on the ball.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

yep. posting the same idea at the same time.

tom w

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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.

I'm not saying don't do it, but go to Kerry's landlord website and maybe a consumer credit protection website and make damn sure you have a legitimate basis for making the report. Don't just report somebody for being evicted unless you are sure it is an appropriate circumstance.

When I had rentals, if I had to do an eviction, I was generally only out for one month at most because I kept the deposit of a full months rent and would have them out usually before thirty days so I would just sue them in SCC I think I didn't get paid once out of four trips.