Quote:
Originally Posted by photon
Of all my rentals my condo is by FAR my favorite. I enjoy showing it, I enjoy doing what little work it needs on it, I enjoy meeting and knowing the people that rent it.
Every other rental property I have/have had (single family, duplex, up/down, 4plex) I don't like nearly as much, even though some at least are probably better investments from a pure investment point of view.
Though I guess the one up/down I own I like but only because the tenant is probably the best tenant on the entire planet. He does stuff for free, like paint the whole house, replace fence posts, etc. My wife asked me if we were raising his rent and I just looked at her as if she'd lost her mind.
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All my rentals are condos, for this reason. After I renovate a crappy condition condo when I purchase it, there isn't much that needs to be done. I agree that a suited house or whatever is probably a better % return investment, but the extra work outweighs that, for me anyway.
I'm not going to post exact numbers, but doubling a downpayment in 5 years is considerably worse than my results, and I didn't start buying until '09, so there isn't artificially high boom appreciation in there. It's like anything else, if you buy something because you personally like it, don't get a good deal, and don't understand how to get good tenants, it'll be terrible. If you buy undervalued property for cashflow, and make judicious improvements, you can do very well.