Seems that many retirees own rental property used to provide a steady flow of retirement income, Why? A few retirees I know have rental apt buildings. I don't currently own any but have thoughts of developing such property.
My pros:
--There is definitely a need for LOW income rentals where I live.
--In my state you can evict for non payment etc ( some states u can't)
--I would build the units myself. I enjoy it and will need more to do,
I think I'm a workaholic
--I would most likely do all the maintenance myself
My cons:
--I really dislike dealing with people!
--I would have to build new, no older places to purchase reasonably
--LOW income rentals, my thoughts are $700 for appox 500 sq. ft but they
would be stand alone units and considerably nicer than anything locally
but not sure if it would return enough to be worth the hassle
--Tax assessor appraises everything about 1 1/2 what it actually sells for
so would expect property taxes to be high (kind of a retired
community so the older folks won't stand up for themselves)
My pros:
--There is definitely a need for LOW income rentals where I live.
--In my state you can evict for non payment etc ( some states u can't)
--I would build the units myself. I enjoy it and will need more to do,
I think I'm a workaholic
--I would most likely do all the maintenance myself
My cons:
--I really dislike dealing with people!
--I would have to build new, no older places to purchase reasonably
--LOW income rentals, my thoughts are $700 for appox 500 sq. ft but they
would be stand alone units and considerably nicer than anything locally
but not sure if it would return enough to be worth the hassle
--Tax assessor appraises everything about 1 1/2 what it actually sells for
so would expect property taxes to be high (kind of a retired
community so the older folks won't stand up for themselves)