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Positive vs Negative
6 posts by 5 users
Chris P.Real Estate InvestorNorthfield, MA 
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Before I take the plunge I'd love to hear from those of you who have already been down this road. Would you purchase rental property again. Do the pros outweight the cons? Any advice you have would be great. My wife and I are getting close to purchasing a rental. Obviously, we have cold feet. All in all, I think we will benefit from it in the end. |
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MikeOHReal Estate InvestorOhio, Ohio 
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Yes, I would buy rental property again. It's a very good business if you like to be able to set your own schedule; have plenty of time off; and make an amount of money commensurate with the amount of work you put into building your portfolio. One of the big issues for most new landlords is whether they have the temperament to deal with tenants. If you are a people-person; can't say no to anyone; and don't like conflict; this can be a very difficult and stressful business. On the other hand, if you feel that liars, criminals, and non-paying deadbeats should be living under a bridge, you'll do fine with the tenants. (Yes, I'm a little cynical). The other big issue is discipline. If you have the discipline to learn the business and wait for (work for) deals that can be bought at a HUGE discount, you have a much better chance of success. So, if your personality will allow, the rental property business is a great business. Good Luck, Mike |
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Michael S.Real Estate InvestorBellefonte, Pennsylvania 
 Moderator |
Yes I would purchase rental property again. In fact I'm working on another deal right now. I agree with MikeOH's statements above. I'm a bit of a people person and I'm working on the transition to the foot down type person. My two instances of not being firm enough have effected my cashflow a bit (I should have stuck to my raising the rent that month for the 85 year old lady instead of postponing it for 3 months), but not enough to make me grimace. Another investor I know has one tenant 3 months behind and another one 2 months behind because he won't put his foot down and file the eviction papers. That being said I love hearing other investors horror stories because it makes me think " God I'd hate to be in that position" then I work on plans to never end up in that situation. (Which is why I shared the rent raising thing above in hopes that someone else will avoid that mistake.) Next to getting married and having children it is the most exciting thing I have ever done in my life, better than piloting planes, skydiving, rock climbing, caving, etc... |
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Craig W.Real Estate Investorakron, OH 
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I would buy rental property again. I have had a lot of problems with properties and tenants over the years. There is nothing nicer than seeing your properties get paid off by someone else. It really does give you a financial freedom that a regular nine to five job can't give. I would say that you should definately get into the business and learn as much as you can through this forum and other sources so that you can see and possible avoid problems that you may have. When I started there was not even a internet so I had to learn the hard way. |
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Bob M.DeveloperHoboken, NJ 
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Thank god for the internet and sites like BiggerPockets W00t! |
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Chris P.Real Estate InvestorNorthfield, MA
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Thanks to all of you for confirming what we believe to be true. I appreciate your time and opinions. Looking forward to making that first step. Actually, we have made several offers, none have been accepted. From what I've heard, that's a good thing, it means we're not offering too much to start. :) |
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Posted: 03/30/2008 at 10:39AM
