The Accidental Slumlord

[Jon Klaus]

A reporter writing a book on the housing boom buys a 2-family in Idaho because he thinks it will make a good story for his book. It would have been much easier if he spent some time here at BiggerPockets.

http://www.newsweek.com/id/201838/page/1

[Eddie Ziv]

Tony,
If you read the whole article, the conclusion was that, as investment is wasn't a bad one given the stable prices in the area, but I do agree, however that you shouldn't buy a low-income property you never see.
T
he best part that I took from the article is:

"Financially speaking, (Purchasing carpet for the unit - E.Z.) this $213 purchase is pure stupidity: it doesn't add to the property value and will hurt this month's cash flow. But it seems a small price to pay to improve the life of a rock-solid, longtime tenant—and, of course, to assuage my guilt over owning such a run-down property"
I know this statement probably will get on MikeOH's nerves but what can I say. I'm a woos.,, :oops: