book suggestions on buying rental real estate?

[tryan]

I personally prefer to invest in multi-unit housing rather than single family houses.  I look for buildings that do not need much physical improvement but are underperforming due to poor management (squabbling partners, below market rents, etc.). 

Did multi-unit buildings for several years but settled on single family units for the long haul for the following reasons:

- inter-tenant squabbles were too painful (noise complaints, garbage left out, not shoveling/cutting/cleaning, they brought mice/roaches/fleas/drugs/trouble ... )
- SF rents are higher (by roughly 10-15%)
- vacancy rates are lower (about 1/2).

Took a while, but I've finally got long term tenants who treat the homes as if they own the property.  Much harder to get in a multi-family.

I also realize the investment "numbers" simply do not work in the current RE climate in most markets.  I prefer to be a seller in this market.

 

[spike]

Pacific Heights

 

[tryan]

Pacific Heights

The comical part of that movie is that the landlords troubles really began when he assualted the tenant.  Need to treat property investment as a business ... can't take it personaly, else you'll loose your head.

I've found that even in a liberal tenant friendly meca like MA, the courts protect the reasonable person.