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Alton, Ia | Everybody else can do the number crunching. I'll discuss what's really important. :) Are you going to manage these, or have somebody else do it? Is that expense figured in? If you are going to do it, do you have the skills, time and temperament? That will be the number one factor in your success. Dealing with renters takes special patience. You have to be firm, and know when to float a little, and when to kick someone out. How you handle people will be the number one factor in your success, more so than your loan rate, property taxes, purchase price, etc.
We owned a small apartment building for 10 years, the stories I could tell. Some people are scum. Now we've owned self storage units for over 15 years, have a few hundred tenants. The stories I could tell. Some people are still scum. I also built a few hog confinements, (I know, not NAT approved.) More stories, truckers, weather, PED, etc. I like to say I started out renting to people, then to their stuff, now I rent to pigs, and each step has been an improvement. :)
But, OTOH, we have a lot of great, conscientious tenants also, and many people really appreciate our customer service and the fact we filled their need. | |
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Thoughts on owning duplexes
