So it’ll be Landladying - Posted by John J
Posted by John J on February 24, 2001 at 21:43:35:
It can certainly be done, but first let me share what happened in the 3 instances where I sold income properties to women. Two of them tried to run the buildings on their own and hired everything out. They had such a negativce cashflow that eventually they sold the buildings at a loss. The third one had counted on her unmotivated handyman husband to keep the places up. He did OK for about three weeks after which repairs were not done timely. Tenants became unhappy and would withhold rent, vacant units remained empty for a long time, etc. The stress of all this as well as the negative cashflow that resulted from their business practices started straining their relationship severely. Not only did she expect him to spend his spare time looking after the tenants and the toilets but part of his paycheck was starting to be used to “feed the alligator”. They ended up quitclaiming the property back to me, losing their $20K downpayment.
My recommendation to you, Lisa, is to committ to learning how to take care of routine maintenance yourself. Your husband can teach you how to repair faucets, change light bulbs, outlets, and windows, do wall repair and painting. There is not much that he knows how to do that you could not learn to handle yourself. Then if major non-routine repairs come up, such as furnaces or appliances, you can contract those out or have your husband do them and reward him accordingly, like it was a big deal. If you post your message on the Main News Group, you might get some responses from the landladies who participate there.