Are you going to kick out your own family when they pay the rent late or not at all....? Hire a management company, they will charge as little as 5% to oversee. I would go with single families opposed to multi units..better appreciation. Yes, EGAD!! is a correct term. My friend just bought a lake front property in Michigan (downwind for those who know) four bedrooms, five baths, parking for six cars, three tandem three SxS, plus full workshop space... Price? $165,000. Hell I could write a check for this one. The price of a similar property in the bay area?? $2,000,000 +....Would theoretically rent for $8,000/month +- a grand or two. PITI @ 20% down? ...$15,000/month...EVERY MONTH for thirty years. Annual income requirement to float...$500,000. Sad, eh?? There's a 12,000 sq. ft. estate nearby for sale... Asking $30,000,000.( Yes, you read correctly, THIRTY MIL!!!) let me know if you have anyone interested and I will be happy to refer. ;-)I agree with your "out of area" investing comment. I plan to team up with my relatives in Houston and see what we can collectively put together. At the prices I'm accustomed to, I suggested we purchase mulitple unit properties (12+ units)and let the younger family members manage them for a fee...keep all aspects in the family!
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