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Money and Finances
Reply to "I really want to get into buying properties, but I'm scared"
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[quote=Anonymous][quote=Anonymous]I would start by buying one you want to live in and renting out the other units. Once you get some landlording experience under your belt you can branch out. Is the distant family member still living? Do you know who inherited the apartment buildings? That may be a contact point for someone to bounce thoughts/questions off of.[/quote] This is good advice -- we have a Chicago two flat, live in one unit and rent out the other. One thing to be aware of is that under the current assessor, two-three flats are getting hit especially hard with increased assessments, so our taxes will likely more than double. My only regret is that we didn't get a three flat. We'd love to have more rental properties but hard to find ones where the math works right now. [/quote]
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