@Llewelyn A. @Russell Brazil @Alex Furini Yes, I agree wholeheartedly with you all about having a good product and keeping your tenants happy. We always call for repairs the same day and so when something happens while we're traveling and can't address asap, they give us leeway.
@Llewelyn A. I like your tenant screening. We luckily found good tenants but will definitely borrow your guidelines moving forward. And thanks for your LLC input, much appreciated.
@William Gan I'm new to BP, too, but welcome! I've owned properties for well over a decade and for me, condos have proved profitable. However, I would caution to buy in buildings with good reserves and monthlies that aren't too steep. If there's a tax abatement in place, I would be sure to sell at least 5 years before the step up to the expiry date. Personally, I also don't consider buying in small condo buildings with fewer than 30 units but that's just my own risk tolerance (if a condo has, say, 5 units and there's a major repair needed, the cost is spread over 5 owners; also, if one of the units default, it's a big burden for the remaining owners. And if say one unit is an absentee/foreign investor, another one has a jerky owner who never likes what the other owners propose for repairs, etc. it's just a big headache). That said, if you can swing a SFH or multi, the property taxes on those are typically much lower.
