Posted by GL on January 22, 2002 at 09:10:14:
I have specialised in low price rentals for years. This is in small town Canada and I don’t have the real jungly areas like you do in the states.
It used to be 30 years ago my clientele was mainly hard working people trying to make ends meet on unskilled labour type jobs in factories, warehouses etc. There were a few weekend drunks in the mix but not too many problems.
Now it seems as if all those factories have moved to the US or the Orient and the jobs have disappeared. The children of those tenants are working in stores and restaurants (a few of them) but mostly on welfare. These people are a lot more childish and irresponsible and harder to deal with. I believe they take drugs, some of them.
You practically have to ride herd on them like children if you expect to keep the place decent and get your rent.
It’s almost like running a nursery or a dog pound instead of providing decent homes for responsible adults.
You can do it and you can make money but you have to keep right on top of the management or the rounders will take the place over.
The reason you can make money is because you can buy real cheap from don’t wanter owners. There are very few buyers for these type properties. The downside is if you go to sell you have the same problem.