A native Californian transplanted in southern Illinois.Look at this place. It is priced at 6k less than I paid for my current house.
I think if I bought something like this to live in, the rents from the other three units would pretty much cover the mortgage, property taxes, and property management company. (If I lived there, I would let the tenants assume I was a renter too). Which would mean I could live there very cheaply, maybe free. That would certainly make my modest income go further. Eventually, the mortgage would be paid in full. What a nice inheritance for my two children.
Besides, it is basically the same as living in a condo. Only better, because if one tenant was unpleasant to live near, I could instruct the property manager to not renew their lease.
Mrs M180 and I have tossed around the idea of buying such a place together. That is a thought, too.
December 19th, 2013 at 06:36 am 1387434983
While there aren't too many places in the Springs I wouldn't want to walk alone at night through, I remember this neighborhood being quite fancy and well lit:
http://tinyurl.com/mps599z
December 19th, 2013 at 12:42 pm 1387456975
December 19th, 2013 at 02:24 pm 1387463047
December 19th, 2013 at 03:01 pm 1387465315
Your profit margin can be wiped out by a combination of management company's fees and their poor decisions. The eviction process is exacting and frustrating and at the same time there is the probability that tenant is not paying rent. If they also stop paying utilities you will nearly pull your hair out jumping through hoops/fees/problems to get heat, electric, garbage p/u and water service restored. I advocate starting slowly with a duplex so that there is merely one tenant before jumping into a 4-plex.
December 19th, 2013 at 04:15 pm 1387469741
Some people are more cut out for landlording than others. I am the least cut out for it so have nothing positive to say about it.
P.S. I was born in Colorado Springs.
December 19th, 2013 at 05:33 pm 1387474416
The property is listed at 225k. That seems so cheap to me! But it must be priced about right because there are several four-plexes listed right now between 200 - 250k.
Yes, I have had some experience being a landlord. My ex-h and I owned a rental house for about 5 years. I am not familiar with landlord/tenant laws in Colorado, but am familiar with them in California.
A landlord can legally choose not to renew a lease, as long as they do no violate the terms of the lease. The "kids" had better not try this with me!
Born in Colorado Springs? Cool. I have visited the area (twice) and thought it beautiful. Its high elevation and dry air have it on my short list, as that is ideal for my allergies. Of course, the fact that Mr and Mrs M180 are considering moving back doesn't hurt, either.
December 19th, 2013 at 05:40 pm 1387474800
Also, my son is in the 11th grade. I will not be making any big moves before he finishes high school.
December 19th, 2013 at 09:30 pm 1387488641