Landlords chime in

[VinylxScratches]

I currently rent. I am thinking about looking into multiunit homes in Chicago or Kenosha area and renting out two of the three units, or maybe all of them.

I'm sure it's not that easy but I am looking at long term ways to make money.

If I get a multiunit home for 150,000 dollars and charge 800+ dollars, that's about 20k a year.

I have about 30k saved up right now.

What do you guys think?

 

[EagleKeeper]

There have been other threads on this topic.

Search for them and read the good/bad/ugly side also.

There are good recommendations and also several caution flags

 

[VinylxScratches]

Do you have right search terms. I looked up landlords and my post is the first one..

 

[Bignate603]

Do you have right search terms. I looked up landlords and my post is the first one..

Then try the second one? More recent threads end up near the top of the search list.

 

[olds]

Might be worthwhile if you have a lot of spare time and like/don't mind dealing with dirtbags.

 

[AlienCraft]

You will need to factor in the cost of Incorporating and Property management into your computations.
Incorporating in order to shield you from some zealous lawyer going after your property should there be some sort of incident.
And Property Management in order to shield you from direct retaliatory action by a disgruntled tenant.
Oh, and a personal Blanket Liability policy in the multi-million dollar range. For all the reasons listed above.

 

[SpatiallyAware]

Not worth it for two or three rentals unless you have a lot of time to waste.


You really need 10 rentals minimum to begin actually making money, IMO more than that to quit your side job... The first few are generally just to break even.

Insurance, taxes, all sorts of stuff is more expensive as a landlord which raises your payments which lowers your profits. It's really tough to be a landlord nowadays

 

[EagleKeeper]

Do you have right search terms. I looked up landlords and my post is the first one..

Using advance search with the term landlord, I came up with 7 related threads within the past year alone.