For those of you who own rental property in OK...

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nemesis

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What is the most worry free type of property to own?

Single family home in middle class neighborhood?

Triplex for seniors; no children allowed?

Other than briefly managing a Florida motel for my folks, I have no experience in the field.

I have friends in kali who rent houses, but out there, it's still so expensive to buy, they can get a decent class of people. They run a credit check and have had good luck.

Out here, if somebody can pass a credit check, they can buy a house. Out here, so I'm told, you run a criminal background check.

advice?
 
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montesa

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You could consider lending to an investor at whatever interest rate you can agree on with the house being collateral. That will be the most trouble free investment.
 
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bigfug

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We have 10, most are problem free. We own homes in low crime areas, we look at schools, and ease of access. Single family homes, buy cash as is, with fairly new roofs and heat/air, as those are the two most expensive things to fix. Run a background and credit check, check OSCN. All our homes rent from 1k-1500, so usually out of the price range of most trouble makers. Around $1 per foot, or 1% of purchase price is what we try to stick around. We drop off or replace air filters at all the homes as its easier/cheaper than paying to fix the hvac. So far only one house has been a problem, and since they are month to month, we just asked them to vacate. Deposit is gone, and we'll put more into the house. They have been there 5 years, but we replaced the fridge the other day, and it was infested and disgusting, cabinets broke etc. We'll have to put some money into it, but on this one, I'm looking into having yards sprayed for weeds and bugs, and offering additional services like mowing and alarms. I think the investment in spraying is worth it as it adds to curb appeal and maybe the tenants will take a little more pride in the home.
 
Aries

Aries

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My parents managed apartments when I was growing up, and I'd rather pick up aluminum cans on the side of the highway than own rental property. I know people who own rent houses, and they are happy with it and don't seem to mind the headaches, so I guess they make decent money. I watched my dad rebuild too many apartments after someone lived in them for six months, so it's not for me.
 
tRidiot

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Aries said:
My parents managed apartments when I was growing up, and I'd rather pick up aluminum cans on the side of the highway than own rental property. I know people who own rent houses, and they are happy with it and don't seem to mind the headaches, so I guess they make decent money. I watched my dad rebuild too many apartments after someone lived in them for six months, so it's not for me.
Click to expand...

Eh, well, I know apartments are a whole different deal. You do get a lot more people who move around a lot, aren't invested in their own home, don't give 2 schitts about the place, etc. Deposits mean nothing to a lot of these people, many seem to assume they won't get getting them back. I know even when you do everything you're supposed to, some unscrupulous landlords try to keep your deposit. We had one do that do us when we moved out of an apartment. We came back 5 months later trying to get our deposit back and she tried to tell us we didn't clean the place, etc. When we broke out video we had taken at the time we moved out, she looked pretty freaking bad, eventually left a check for us to pick up.

But in general, it seems from my experience in the lower-end apartments we lived in, most people were pretty careless with taking care of the places. I never lived in fancier, nicer apartments/townhomes/condos. By the time we could afford nicer places we moved on to duplexes or rental homes. Luckily, we finally got to buy our own home when I was... what, 34? Still in that starter home. lol
 
Aries

Aries

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According to my mother, it was all about who you rented to. They cleaned the place up a BUNCH from what it was like when they first took it over, but still every once in a while you'd get a deadbeat. I guess it's okay if you are good at weeding out deadbeats, I just wouldn't personally want to do it.
 

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