I wish.....it is damn tough getting into the commerical field of real estate. The only reason I am here is because I got hired by a family member.

These guys work their butts off.......but usually retire after 10-15 years with cash in their pocket and a nice real estate portfolio.

Same with any job though....some people just do enough to get by and are happy with that. I am just happy to be out of the politics of the corporate office and all the power trips people have. The harder I work.....the more I get...instead of corporate land.....where everyone above me benefits off my hard work or lack of work! lol

 

Thanks for all the input. I will sit down and read through all of it when I get time (homework... 4 more classes until my Bachelor's Degree!!!).

The pros: New Mexico has a good selection of inexpensive investment properties. We also have a high immigration population and the word is LEGAL immigrants are the best people to rent to because they really don't want any problems. I'm sure this is not always the case.

The cons: I've heard that New Mexico is pro-renter and not a very friendly to landlords. I would consider out of state properties.

My Mom is an apartment complex manager and she manages some investment properties on the side for friends so she would definitley be OK with helping me with mine if I chose to do it.

 

I see a lot of action in Arizona, Idaho, Oregon, California, Texas and Washington.

Lots of people are investing out of california into these other markets for cash on cash return.

California investing does not give you the cash return these other states are giving but will allow for you to leverage yourself overtime into bigger and better complexes. California will net you more appreciation than anything and depending upon location rents can always go up!

 

Everyone here seemed to have one thing in common. Consult professional advice. I live in Massachusettes and as someone mentioned the tenants have all the rights. I currently have 12 rental units and a mixed bag of tenants from blue collar, immigrants to handicap. They all have there benifits. I will tell you if you can get a place made up as handicap accessible you can do very well. That type of housing is in short supply everywhere and always in high demand. The imigrants work hard, but you need to make sure they do not overstress the property with extended house guest. And the regular working guy always offers to do the yard work for free giving them a sense of ownership. NO matter how well you screen a tenant you can always end up with a bad one. Where I live renters Do NOT equal low income, so that is an advantage. I have learned one valuable lesson, if you are going to repair a property do it right and only have to do it once. When I started I used to skimp and use cheap quality items that were prone to breakage. How many times has someone heard its only going in a rental. We all treat things that look cheap in a rough manner. I started shoping for floor model appliances, cabinets, and various fixtures. Stock piling a better quality item for a fraction of the price. Now as I am remodeling each apartment they are coming out nicer then my own home. And I've been able to get PREMIUM rents for the remodeled units and never have petty repairs. They treat everything better since it does not look like a cheap rental. And wall paper is no good. Always paint the walls and sometimes a faux finish adds a classy look.
But all in all it's just like any line of work. Either you like it or you don't. And everybody has either rented or known someone who has rented and they were not all bad people. As with anything in life you always hear an overglorified bad and never the same for good.
Just my 2 cents...

 

33PPP- great post, and obviously from someone that knows the biz. My folks owned three buildings at one point, and did well with them- but their experience mirrored yours. The quality building/surroundings you provide will determine what type of tenants you can attract. I'm sure you also know it's a lot more work than meets the eye if you want to do it right.