Comments on: A Lancelord?

By: David Y?

David Y? — Tue, 28 Aug 2007 15:46:26 +0000

anything worth doing is worth doing well…just saying…a little extra income

By: Lance

Lance — Tue, 28 Aug 2007 02:54:22 +0000

Good idea, Sarah … it’s on the county auditor’s website as a 3-unit place, but it’s worth checking with those other guys too!

And David, you’re an absolute lunatic. I love it.

By: Sarah Sears Webel

Sarah Sears Webel — Tue, 28 Aug 2007 01:12:35 +0000

Just make sure you call your local zoning board and be absolutely certain that it’s legal to rent all 3 units. We ran into that problem with a house we nearly bought in Highland Sq…

By: Bethany

Bethany — Mon, 27 Aug 2007 03:17:55 +0000

Cool idea! James and I are talking about it too (in a few years, anyway), and my parents have been landlords for forever. It sounds like a good situation with longterm tenants, because in my experience with my family the tenants can be the best and worst part of the deal. I say go for it!

By: David Y?

David Y? — Mon, 27 Aug 2007 01:46:03 +0000

if you buy vending machines you might be able to sap a few more dollars off of them…maybe add an arcade, sell fresh produce from the garden…basic stuff.

By: Jules

Jules — Sun, 26 Aug 2007 20:31:03 +0000

I’m a little late with this, but welcome back to Cincy Lance!!!

By: Annette

Annette — Sun, 26 Aug 2007 16:42:45 +0000

Mike and Amy Kanyid have been landlords for many years. Let me know if you need a contact # for them.

By: Lance

Lance — Sun, 26 Aug 2007 12:44:09 +0000

Great advice, Isaac! The place has separated heat and electric, the water and trash pickup are the only things that the landlord pays. I’m pretty conservative too … and I would honestly probably consider a 0% occupancy rate, just to be extremely safe. That way any rent payed is a bonus. But the woman who rents one unit pays a month early and the man pays six months at a time … so it sounds like they’re good tenants!

Wow … 400 units? That makes something like this seem MUCH more manageable!

By: Isaac Downing

Isaac Downing — Sun, 26 Aug 2007 12:17:47 +0000

That sounds really cool! I’ve known lots of guys that bought homes that were either duplexes or apartment buildings, and my brother-in-law is co-owner of a 400 unit complex here in Peoria… MOST of those turned out great.

Also, make sure the payments are not a problem without the rent coming in. I was working in finance and lending until this past spring, and we could only qualify someone for a loan by using a 70% occupancy rate, meaning we had to assume it would be empty 3 or 4 months out of the year.

I’d plan for even more empty months, but that’s because I’m an obsessive worrier… but it’s ALSO because you can expect to replace some toilets, refrigerators and/or furnaces at some point, in addition to maintenance. And if you include utilities in their rent, expect your minions to keep their place VERY toasty all winter.

Other than those cost issues, it sounds like a great idea! Just be prepared and be VERY discerning when accepting applications for someone to move in.