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Bought a couple cheap condos near the biggest university in a flyover state, got a property management company to take care of everything (finding tenants, coll
by thedirt0115 9y ago
Bought a couple cheap condos near the biggest university in a flyover state, got a property management company to take care of everything (finding tenants, collecting payments, handling service calls, etc). It's a few hundred bucks a month on top of other people basically buying houses for me.
- maerF0x0 9y agoDoes it make free cash flow after all expenses (including amortization of big ticket repair items) ?
- thedirt0115 9y agoYes, the figure I gave was profit after all expenses. Since they’re condos, the association covers the heating/cooling system and everything exterior. I guess we’ve been lucky on the repair front, because the only thing we’ve had to pay for (in ~6 years) was a cheap dishwasher and toilet fix and occasionally repainting between tenants.
- shostack 9y agoHave you done the math on estimating returns with things like a gap in tenancy, repairs, etc. factored in?
- thedirt0115 9y agoNot really, but like I said in response to other comment, we’ve had very few repairs. There’s never been more than ~1 week gap between tenants — near university housing is always hot, and the management company only gets paid if the place is occupied. They usually have the next tenant signed before current one leaves. In one, we’ve had the same tenant for the whole time.