What is your opinion/experience on income based apartments?

Question

What is your opinion/experience on income based apartments?

Answer 1

They are great if you own the building and its in a fairly decent area at a good price.  Lots of work keeping it up, but you can make great cash flow off a good buy.

For individual units within a building they can be a pain as the neighbors may be loud or leak into your unit and the condo fees often put a real damper on appreciation.  Still for the right price even individual units may be ok.

Answer 2

It can be very lucrative, but sometime tenants are hard to deal with.  We started out owning 4 units almost 10 years ago, now we own over 50.  It can be a good way to earn a living.  My husband does all the repairs which saves us a ton of money.  Repairs are very expensive if you have to pay a contractor.  We bought all of our properties with no money down,and have since re-financed several of them and walked away from the closing with cash.  It can be done, but it takes a lot of work, patience, knowledge and research.