I often hear that property is a great investment. But then I hear so many stories like yours, I just don't get it. My only thought is that apartment buildings somehow are quite different from single-family homes in their upkeep, costs, and renters. I'm not in the business, so I don't know.
Section 8 housing. Slums in the making. I call them incubators. The feds pay everything I guess. I would never stoop that low.
In spite of the feds having no hesitation in taking from me I don’t want any of their money. I just want mine back. Seller’s remorse all the way around for me these days with this country so-to-speak.
The only experience with renters I have had is BAD.
I think a choice has to be made:
Section 8 slumlord or nothing.
I don’t think there’s an in between anymore.
Property is a great, high-risk, investment.
As long as you get good tenants, the ROI and capital accumulation are excellent. The less good tenants can take it all back and more.
We‘ve been landlords for over 40 years. Mr. Mercat is the best landlord on the planet. He picks up the rent personally every month. He has a personal relationship with each tenant. In all those years we‘ve only had to deal with damage 3 times. Once we had to deal with non payment of rent. In that later case the tenant was disabled and promised to pay us all the rent he owed and we loaned him $500 for a downpayment on a new apartment so $2000 when he got his lump sum disability. You can‘t garnish a disability payment so we figured we‘d never see the money. A year later he paid it in full. Wow.