I tell you what sucks …termite damage, structure problems, leaking roof, plumbing problems (in the walls – Hoa responsibility), leaking boiler, burnt furnace, cracks in the walls due to house settling and many other house relates problems, that's what make your PnL go upside down when you lease house. Not saying it all happens at once ...just possible risks. Condos are very popular in big cities .. yes u pay HOA …but it works like an insurance ..provided nothing goes wrong inside ur apartment …u sleep well .. tenants call you ..pipes are backed up …"call HOA I am out of town, bye" and I am AMAZED how easy it is so far…all I do is collect rent …yes it's my 2nd year of operation but so far no problems at all. Yes special assessment might come ….thing might get ugly with HOA that steals $$$ …so far goody gumdrops . I have my house "professionally" managed in Austin, TX. So far no problems as well ..but it's a ticking bomb .. long term this solution does not work for me..they stopped stealing once I told them I will document the case on the website and give them negative review on google maps …seems to work so far
as far as your concerns - let me break it down for u:
, maintenance, repairs – myself, I have an office job 9-5. I am happy if I need to fix something ;-)
, eviction – 3X rent or good credit so far no problems,
Nonpayers ?
, license fees ?,
Insurance 150 a year ;-),
utilities when vacant ?? heat is included in the rent, power is thru Comed …which never switches it off back on when my tenants take their name off the bill ..they just keep providing ;-)) for next 3-4 months. I know seems crazy but this is hiow it works, gas is included in hoa so is water ...feeling a little jealous now ? ;-)
, fines ???
, rental agent commissions – craigslit + I am an agent myself,
attorney fees - so far did not needed. an apple a day keeps an attorney away ;-)))
