All Forum Posts by: Manley Woods

 I have done 100a and 100s in the Cleveland markets, ages from 1910- 1930, no issues They actually built better back then. Do not attempt to do this on your own yet. Please connect with those doing deals, walk the properties with them. You will learn then go on your own, 

Good luck 

I live In a brand new home along with having a summer home that is 100+ years old that has been renovated 

Most of My rentals are 1950 construction that are on pier and beam foundations without central air. Upkeep could not be simpler as plumbing is more accessible with very few major items to repair/replace 

Keeping older properties as rentals can be a challenging task as they require significant upkeep, which can be exhausting and demanding.

@Manley Woods I have a historic duplex from the early 1800’s. The bigger items (electric, HVAC, plumbing, windows) have all been updated. Have reserves and you’ll be fine. There’s some great deals out there on older homes you just need to have a thorough inspection and know what you are buying.

@Manley Woods
All the rentals I personally own were built in the 1920s-1940s. Just make sure to do your due diligence and have an inspection done no different than any other property. 

I don't think the age matters as much as what updates have occurred since construction. For example, I have a 1910 home but the electrical, plumbing, windows, roof, and heating system have been updated in the past 10-20 years. I get very few service calls. Contrast that with a 1950's home with original galvanized plumbing, Zinsco breakers, and wood sash windows. 

It depends on the condition of the home and what updates have been done to it.  Same applies to newer homes though different concerns.  For older homes do you have lead or asbestos, what type of pipes for plumbing, what type of wiring?

Older properties are a headache to hold if you keep them as rentals. The upkeep will drain you. 

The negative for me, personally, would be the concern about buying a money pit.  But if you have an inspection, cash for repairs as needed, and a great contractor, I wouldn't worry too much.  Try to find a house that is well cared for (in other words, may be completely outdated but has a newer HVAC system, etc) and most importantly that cash flows.  Don't stretch your budget so far that you can't sleep at night.  I would absolutely buy an older home if it cash flowed, I had an inspection, and I had cash to make any repairs.  But it is ultimately up to what is most comfortable for you.  Good luck!

The negative for me, personally, would be the concern about buying a money pit.  But if you have an inspection, cash for repairs as needed, and a great contractor, I wouldn't worry too much.  Try to find a house that is well cared for (in other words, may be completely outdated but has a newer HVAC system, etc) and most importantly that cash flows.  Don't stretch your budget so far that you can't sleep at night.  I would absolutely buy an older home if it cash flowed, I had an inspection, and I had cash to make any repairs.  But it is ultimately up to what is most comfortable for you.  Good luck!