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Espada1 · 02-07-2010, 08:30 PM

So I was thinking that after I get a job me and my parents could pool our income together to buy an apartment. After that we could rent it out to people and then we can make an income that way.

Anything to consider?

How hard is it?

Good idea?

Darksin · 02-07-2010, 08:44 PM

Fail idea, is fail. You watch to many anime's.....

Landlord has to provide most things.
If something is broken, you have to make sure it's fixed.
You won;t get any real income without atleast 4 apartments also....

Testeagle · 02-07-2010, 08:53 PM

It's not really a bad idea, you won't really become hard cash rich but more asset rich, the money you make will probably best used to pay extra on the loan or put towards another property, as for the poster above referring to work on premises in most cases (in Australia) this is classified as a tax deduction aka wear and tear. Dealing in property is really about long term investment, if you want to make money off realestate fast then you best bet is to buy cosmetically bad places and add some paint, new carpet, clean up garden then turn em over for profit, preferably doing the work yourself.

Useless · 02-07-2010, 09:34 PM

Its quite an investment.
Depending on your contract you would probably end up fixing, paying for bills (essentials) and all that kind of stuff.
In reality its not worth it. Its really costly and like someone mentioned its not worth it unless you can invest in more than one apartment.

Sandman53 · 02-08-2010, 12:52 AM

You don't usually "buy" and apartment. Apartments are typically always for rent. If you are planning to buy an apartment you need to look into owning a complex in order for it to be any actual value. In a single apartment you would be stuck to subletting, but that requires that your name is still on the lease and that you live there. At least I think that's how it works off hand.

If you are looking to rent out a single unit you would be best to look into housing. Buy a house and rent it out. That is really your best option.

In any case it doesn't look like you have given this any more thought or even looked up the laws in your area concerning leasing, renting, subletting, or owning. There are a lot of things you need to do to become a legal landlord in the USA. Its not just as easy as typing up a lease.

Digital_Pheer · 02-08-2010, 01:18 AM

My dad is a landlord but hes also a postman and trust me the reason why my dad has high blood pressure is mostly because he is a landlord. If something is broken you have to pay someone to fix it and its just really time consuming.

You're better off getting a part time job or something

olaph · 02-08-2010, 01:49 AM

Quote:

Originally Posted by Testeagle

It's not really a bad idea, you won't really become hard cash rich but more asset rich, the money you make will probably best used to pay extra on the loan or put towards another property, as for the poster above referring to work on premises in most cases (in Australia) this is classified as a tax deduction aka wear and tear. Dealing in property is really about long term investment, if you want to make money off realestate fast then you best bet is to buy cosmetically bad places and add some paint, new carpet, clean up garden then turn em over for profit, preferably doing the work yourself.

My parents do that and make a fair bit, the downside to that is if alot of people are also doing the same it causes inflation.

02-08-2010, 02:40 AM

unless you put in contract they pay for all broken items in there, id say youd be losin money if anything. Youll need some really fine print in there to cover your ***.

Oisterboy · 02-08-2010, 02:42 AM

My aunt tried to do it.

Shes too nice and gets assholes.

You really have to be a dick.

Paladuck · 02-08-2010, 05:44 AM

Yeah it's not easy. You basically have to be on call 24/7 to fix shit and deal with situations that come up in the apartment.

Depending on the price of the apartment and the area, it might also be a hefty investment that won't see returns for a while.

02-07-2010, 08:30 PM	#1 (permalink)
Espada1 Xenonight2's Zealot Join Date: Jan 2008 Posts: 3,466 Reputation: 32	Being a landlord??!?!?! So I was thinking that after I get a job me and my parents could pool our income together to buy an apartment. After that we could rent it out to people and then we can make an income that way. Anything to consider? How hard is it? Good idea?

02-07-2010, 08:44 PM	#2 (permalink)
Darksin OnRPG Elite Member! Join Date: Jul 2006 Location: netherlands Posts: 9,416 Reputation: 86	Fail idea, is fail. You watch to many anime's..... Landlord has to provide most things. If something is broken, you have to make sure it's fixed. You won;t get any real income without atleast 4 apartments also.... __________________

02-07-2010, 08:53 PM	#3 (permalink)
Testeagle Shadowsworn's Sandwich Join Date: Apr 2007 Location: onmypc@work.com Posts: 1,858 Reputation: 32	It's not really a bad idea, you won't really become hard cash rich but more asset rich, the money you make will probably best used to pay extra on the loan or put towards another property, as for the poster above referring to work on premises in most cases (in Australia) this is classified as a tax deduction aka wear and tear. Dealing in property is really about long term investment, if you want to make money off realestate fast then you best bet is to buy cosmetically bad places and add some paint, new carpet, clean up garden then turn em over for profit, preferably doing the work yourself. __________________ How Twilight should have ended: "Your opinion is like an asshole, I don't need to hear it" "The problem with non conformists is they’re all the same." Failentines: When Romance Goes Wrong www.testeagle.wordpress.com (WoW Blog)

02-07-2010, 09:34 PM	#4 (permalink)
Useless OnRPG Elite Member! Join Date: Jun 2006 Location: Ottawa, Canada Posts: 6,217 Reputation: 112	Its quite an investment. Depending on your contract you would probably end up fixing, paying for bills (essentials) and all that kind of stuff. In reality its not worth it. Its really costly and like someone mentioned its not worth it unless you can invest in more than one apartment. __________________

02-08-2010, 12:52 AM	#5 (permalink)
Sandman53 ಠ_ಠ Join Date: May 2006 Location: Land of the Lost Posts: 4,268 Reputation: 45	You don't usually "buy" and apartment. Apartments are typically always for rent. If you are planning to buy an apartment you need to look into owning a complex in order for it to be any actual value. In a single apartment you would be stuck to subletting, but that requires that your name is still on the lease and that you live there. At least I think that's how it works off hand. If you are looking to rent out a single unit you would be best to look into housing. Buy a house and rent it out. That is really your best option. In any case it doesn't look like you have given this any more thought or even looked up the laws in your area concerning leasing, renting, subletting, or owning. There are a lot of things you need to do to become a legal landlord in the USA. Its not just as easy as typing up a lease. __________________ "The only dependable thing about the future is uncertainty." - Amarant Coral "People who commit war are stupid, but the blood they spill is not meaningless." - Dr. J.

02-08-2010, 01:18 AM	#6 (permalink)
Digital_Pheer Baby Bowsers Soiled Diaper Join Date: Jun 2008 Posts: 729 Reputation: 17	My dad is a landlord but hes also a postman and trust me the reason why my dad has high blood pressure is mostly because he is a landlord. If something is broken you have to pay someone to fix it and its just really time consuming. You're better off getting a part time job or something

02-08-2010, 02:40 AM	#8 (permalink)
V-Opolis Guest Posts: n/a	unless you put in contract they pay for all broken items in there, id say youd be losin money if anything. Youll need some really fine print in there to cover your ***.

02-08-2010, 02:42 AM	#9 (permalink)
Oisterboy \| (• ◡•)\| (❍ᴥ❍ʋ) Join Date: May 2006 Location: Just Past Jupiter Posts: 16,558 Reputation: 644	My aunt tried to do it. Shes too nice and gets assholes. You really have to be a dick. __________________

02-08-2010, 05:44 AM	#10 (permalink)
Paladuck Roon's Rogue Join Date: Oct 2008 Location: The Pond Posts: 4,270 Reputation: 260	Yeah it's not easy. You basically have to be on call 24/7 to fix shit and deal with situations that come up in the apartment. Depending on the price of the apartment and the area, it might also be a hefty investment that won't see returns for a while. __________________

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