[quote=bearishgurl]
I believe it, but it has to be very labor intensive. In addition, these LL’s need a good UD law firm chained to their ankles at all times.
It’s not for a prospective retiree (like myself) who wants to go play on the ski slopes for multiple days per year and take summer road trips (short and longer) as well.
I’d rather invest in something more passive, make less and have more peace in my life.[/quote]
and…
[quote=bearishgurl]
I was a LL in the eighties on a duplex and again in the early nineties on a triplex which we sort of “inherited” and kept for about 4 yrs. I HATED both jobs. I don’t have the patience in dealing with a tenant late on their rent when it was obvious that they paid the local cable company $150 more per month than I did and drove newer vehicles than mine. I’ve just heard a lot of sob stories but the reality is that they could afford my rent but couldn’t properly manage their incomes, hence chronic late payment of rent. Meanwhile, my mtg payment was due. I just don’t like the whole tenant-victim culture and for that reason if I DID rent out my house, I would use a VERY local PM company (w/ a UD firm chained to their ankles) and get the largest security deposit I could get away with.
Life is much too short to deal with that noise. I don’t have the personality for it.[/quote]
And that, in a nutshell, is why many heirs sell their inherited properties instead of keeping them to rent out.
