Long story short - I came across a large industrial building sort of accidentally, which I have divided up and leased out at a profit. This is my only experience as a landlord, and I find it relatively easy with an industrial building. They don't have the same rights residential tenants have, and not much to fix and maintain like carpet, drywall, appliances, etc. It mostly takes care of itself.
I'm now considering buying a 6 unit apartment building as another investment. My mortgage on the building would be roughly $600/month. It currently has 4 units rented for $1250 gross income. The other two units can be rented. The building is in good condition, but was built in the 1930s. I think I could ask for more rent with some updating, but this is not required.
I would like to know what your thoughts are on this investment. It seems a little too easy to me. I know there will be increased maintenance to take care of, much of which I can do myself. I feel like even in a worst case scenario, if I have 2 tenants and 4 empty units, the property would still pay for itself. I would probably update the empty units first and then update others as tenants leave. I do not yet have any detailed information about the current tenants but would screen them before purchasing.
My other option would be something like a duplex, with only 2 units. A lot less work there but less rent also.
Is taking care of a 6 unit apartment going to turn into a full time job for me? Would you recommend starting smaller?
