New here

[Josh Allison]

Hi,

I'm new to the forums. In April I bought a 3 unit building in Chicago. I live in one and rent out the other two. It seems like most of the topic are geared toward people who don't live on the premises of what the rent out. At the moment I am bringing in $200 a month more in rent than my mortgage, taxes, and insurance. It seems like those are some good numbers to be working with, but haven't really found anything on here to compare.
My plan is to get this paid for, then save up to buy another 3 flat. I am just doing this on the side. At this point I don't want to own more than 3 buildings.
I may not ever buy that many, so far this has been the single most stressful addition to my once simple life. Does the stress lessen over time?

[Jon Klaus]

Welcome Josh. It looks cold up in your neighborhood. I'm a believer in buying a 2-4 family when starting out and living in one of the units. You can typically get a low rate mortgage, and if you buy right, you get cash flow and have your own living expenses paid. Sounds like that's what you are doing. Good job!

Yes, it can be stressful to be a landlord, especially living next to your tenants. However, if you manage it like a business, screen your tenants well, and don't allow them to take advantage of you, things can get a lot better. That said, I'd also plan for the future, so you can buy a home that is right for your lifestyle within the next couple of years.

I have 14 SFRs now, and believe it or not, it is actually less stressful than when I had one with a bad tenant in a bad neighborhood. Things definitely can get better and will if you learn and apply what you learn. And you've come to a great place for that!