Updated almost 12 years ago on . Most recent reply
Small MultiFamily in Cold Climate
I am in the Chicago suburbs and what look like some of the best investments in my area are small multifamily properties (2-4 unit). I am talking suburbs and not Lincoln Park so these properties do have lawns, driveways, etc.
One of the things that has always put me off from these has been the grounds upkeep.
Because the properties have multiple units the driveway, yard, etc. are now common areas but at the same time the properties are not large multifamily and so the cost of third party landscaping/snow removal is a big hit relative to cash flow.
What are some of the best practices other people have with respect to lawn and snow maintenance for this type of small multifamily units? With single family we just make that a tenant responsibility. However with multiple tenants I would then get worried about liability or complaints having a tenant doing this.
Is the real answer just farm it out to a 3rd party and take the cost into account in my investment? Of course I can do it myself but that is less practical in the winter when the travel time can be a problem.
I guess I am looking for thoughts on whether others in similar situatoins still have the tenants do this or if I just have to bite the bullet. Maybe tenants does the lawn as part of their rental agreement but I farmout the snow removal? Thanks!