Updated over 16 years ago on . Most recent reply
Older City Properties
I own 5 townhome properties that I rent. I am looking to pick up some more properties for long-term hold. The only properties locally that will work with the 50% rule are older city properties. These are properties that will be 75-100 years old etc. I am hesitant to invest b/c of the quality of the potential tenant as well as maintenance. Does anyone have any council on this? Would you stay away from row home city investments?
Most Popular Reply
In my opinion, the age of the property is totally irrelevant. If the property is properly maintained, it should last indefinitely. I have one apartment building that was built in 1835 and it does very well. I have no more maintenance in this property than I do in newer ones.
I agree with Lynn about the government. They are an obstacle that MUST be fought. The only way landlords can fight local government is to organize. That's where your local and state REIA come into the equation.
Good Luck,
Mike