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Anyone own income property?

Is it paid off? How much do you get a month? Who takes care of it?

 
Luisa621

Asked by Luisa621 at 11:20 PM on Dec. 22, 2010 in Money & Work

Level 19 (7,211 Credits)
This question is closed.
Answers (7)
  • I own 6 apartment buildings and 2 vacation rental homes. So in total I have 120 apartments that rent from 1000-2000 a month currently all of the apartments are occupied. The vacation homes lease for 1500-2500 a week depending on the time of the year and both are usually occupied. All my units are paid for and I am currently shopping for more properties right now.  I never imagined I would be doing this.lol

    tabekat

    Answer by tabekat at 9:20 AM on Dec. 23, 2010

  • I don't own it, but I manage my brother in law's properties off and on while he's away.

    Some of his are paid off, some aren't. He takes care of it mostly, but we help him when necessary. He 'gets' different amount for each apartment and house. I'm not sure if you are asking about rental prices or actual profit there.
    lovinangels

    Answer by lovinangels at 11:24 PM on Dec. 22, 2010

  • My parents own several rental properties. None are paid off yet, but the first I think two will be soon. They charge enough for rent to cover the mortgage/taxes and a little more for when they need to do repairs. My parents take care of the properties, we did a lot of painting/ cleaning/ ripping out carpets, etc. as kids. = )
    toriandgrace

    Answer by toriandgrace at 11:25 PM on Dec. 22, 2010

  • All are paid off.

    We do at this point-
    Anonymous

    Answer by Anonymous at 11:30 PM on Dec. 22, 2010

  • I forgot to add. My niece is my property manager and handles the day to day things. I am still involved but I work from home very part time.
    tabekat

    Answer by tabekat at 9:21 AM on Dec. 23, 2010

  • tabekat, Wow! That is awesome! My father when I was younger owned about 5 buildings, but he isnĀ“t great with money and lost a lot of money. I am looking into starting to buy income property next year. I want to start with one, and then buying MY own home cash or with very little financing and then continue buying income properties. I will start by taking some investment classes though. The difference between my father and my investing is that I plan on buying most of these properties cash, or with financing I know will pay off in less than 5 years..
    Luisa621

    Comment by Luisa621 (original poster) at 10:04 AM on Dec. 23, 2010

  • I would love, too, but we don't have the finances to do that.

    My in laws have a vacation home that they rent ouf the majority of the year. From what I hear they are still taking a loss on it.
    HotMama330

    Answer by HotMama330 at 11:16 AM on Dec. 23, 2010

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