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Re: I think the best business is owning an apartment

Postby kaka135 » 12 Jul 2018, 21:34

kataomoi wrote:It's true that it's a good source of passive income, but it's not as easy as it sounds. Maintence on the house is one thing, you'll also need to pay tax property. Plus if you come across a nasty tenant, they can damage your property or even owe you rent.

It seems like a fantastic and easy job, but there is also a high risk.


I agree with you. Property investment seems to be really profitable, but one has to be careful in choosing the location of the property and also the tenants too. When I was a student looking for house to rent with some friends, I found that many house owners do not like to rent the house to students or sometimes singles, they would prefer to rent the house to family. Now I understand why. :lol:
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Re: I think the best business is owning an apartment

Postby oldbuddy » 12 Jul 2018, 22:57

What I did was buy a used house and converted it to office space that I leased to my own company. The company paid it off and when I sold it, I kept all the profit for my retirement. I also sold it on a contract, so I made interest until it was paid off.

Another option today is to rent or lease digital property. To buy in is almost nothing and there is no real maintenance. I have had many auto dealers lease websites from me that I created for free and they pay me monthly fees for many years.
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Re: I think the best business is owning an apartment

Postby riddy09 » 13 Jul 2018, 00:09

Renting apartment or even house can be very good passive income. Although, you need to do maintenance and keep check of their tenants for any rules or policies so they will still do something.
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Re: I think the best business is owning an apartment

Postby kataomoi » 13 Jul 2018, 02:32

Even if you are picky with tenants, there's no guarantee. People lose their jobs suddenly or they have a crisis and have to use their savings. Plus you have to consider the damage and wear and tear.

If we are looking at it from a business POV, I guess getting some thousand dollars worth of rent every month is worth the occasion wear and tear/damage, but the stress and problems it might cause might not be worth it. The risk is high and sometimes landlords and tenants might even have to go to court to solve their problems.
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Re: I think the best business is owning an apartment

Postby fergus1234 » 13 Jul 2018, 08:42

kataomoi wrote:Even if you are picky with tenants, there's no guarantee. People lose their jobs suddenly or they have a crisis and have to use their savings. Plus you have to consider the damage and wear and tear.

If we are looking at it from a business POV, I guess getting some thousand dollars worth of rent every month is worth the occasion wear and tear/damage, but the stress and problems it might cause might not be worth it. The risk is high and sometimes landlords and tenants might even have to go to court to solve their problems.


Tell that to my Aunt who is living like a queen. The maintenance don't bother her at all because it is minimal compared to running a restaurant where you have employees and you have to pay their healthcare and give them salaries. It is easy compare to running a transport business where all the air pollution in the world will be absorbed by your lungs.
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Re: I think the best business is owning an apartment

Postby Alexandoy » 13 Jul 2018, 08:44

That is our retirement plan - build an apartment with 3 or 4 units and rent it out. Our subsistence will be handled by the rent until our old age.
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Re: I think the best business is owning an apartment

Postby mrki444 » 13 Jul 2018, 10:43

You also need to be careful who you will accept into apartment. I saw examples where people do a lot of damage in rented apartment.
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Re: I think the best business is owning an apartment

Postby augusta » 13 Jul 2018, 11:13

Getting apartments is good but most importantly is getting good renters,if youre unlucky you.might regret some rentage and even spend more money.
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Re: I think the best business is owning an apartment

Postby fergus1234 » 13 Jul 2018, 12:41

My Aunt knows the nooks and crannies of getting tenants. She wanted to see a bank account, proof of their monthly salary and they have to pay advance for the 1st 3 months. She also evict people with no hesitation. She doesn't care if it's winter.
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Re: I think the best business is owning an apartment

Postby anorona » 13 Jul 2018, 13:51

kataomoi wrote:It's true that it's a good source of passive income, but it's not as easy as it sounds. Maintence on the house is one thing, you'll also need to pay tax property. Plus if you come across a nasty tenant, they can damage your property or even owe you rent.

It seems like a fantastic and easy job, but there is also a high risk.


exactly, in this case you really need to have a strict rules for each tenant. They shpuld have atleast 3 months deposit in case they will never be able to pay for the nex months. once they have reach the 3rd month of not payingnthe rental, they should leave
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Re: I think the best business is owning an apartment

Postby ruthmongare » 13 Jul 2018, 18:49

Yes but before there you must have good capital but once you've built them you're good to go.
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Re: I think the best business is owning an apartment

Postby riddy09 » 14 Jul 2018, 04:57

When you have your own land and building it's easier to have investment. But if both it will be difficult to find capital for that or starting from scratch.
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Re: I think the best business is owning an apartment

Postby PsycheScribbles » 14 Jul 2018, 05:29

I think so too. You have monthly income while the apartment is still yours. I am planning to have that business in the future!
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Re: I think the best business is owning an apartment

Postby tusziget » 14 Jul 2018, 06:02

Congratulations to your relatives.Owning apartment(s) can be a great business,if you want to rent it or them,but it is a big responsibility as well,but I think it is worth it,if you can earn that much in a month.
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Re: I think the best business is owning an apartment

Postby fergus1234 » 14 Jul 2018, 10:53

tusziget wrote:Congratulations to your relatives.Owning apartment(s) can be a great business,if you want to rent it or them,but it is a big responsibility as well,but I think it is worth it,if you can earn that much in a month.


It is not as big of a responsibility compared to a Restaurant where the maintenance is more frequent and you have employees to deal with. It is also better than being an employee with a boss bossing you around.
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