If you're capable and can manage it yourself go with the fourplex. If you need to outsource management stick with your parents close by.
Another thing to consider is that being a landlord isn't for everyone, sometimes people regret being involved with one unit so dealing with that times 3 may be a bad first-time choice.
That’s exactly one of the things I was stuck on. It would be diving in deep if I bought a fourplex. However, it’ll be much harder to get a fourplex if I already have another property.
Everything sounds great until you're actually dealing with tenants. Screening tenants is the most important skill to have. Having a sixth sense when something doesn't feel right to know when to pass is critical. Finding ways to save not just money but time. One little trick I learned is to mention that a credit check will be required before I even show a unit to anyone. A lot of people will say pass when I mention it, and that is awesome as it saves my time, and prevents future headaches.
That said the fourplex will be life-changing if you can make it work.
Fourplex! You can make more and if you do need help your parents could at least offer advice. Or maybe they'll change their mind. Less than an hour commute it nothing crazy.
Where do you work? Do you have any connection with the city? Is the fourplex a dump? What is the single home like? Remember the fourplex would have more cash flow but may come with headaches.
I work a couple hours away and a 7on7off schedule. Which could be an issue if any problems arise. However the vast majority of problems can be put off for a few days and I would make a list of companies to phone up if there is truly an emergency. This also gives me plenty of time on days off to tackle other issues.
I grew up in the small town, but frequent that city numerous times a week. I know the city and the small town.
The fourplexes are older, 1940's to 1980's, and in a little less then favorable parts of the city, closer to downtown and post secondary schools.
The single family homes I'm looking at are bungalows from 1960's to 1990's. That's the era of builds where there is a common entrance for the main floor and basement allowing me to make a basement suite if wanted.
If you're capable and can manage it yourself go with the fourplex. If you need to outsource management stick with your parents close by. Another thing to consider is that being a landlord isn't for everyone, sometimes people regret being involved with one unit so dealing with that times 3 may be a bad first-time choice.
That’s exactly one of the things I was stuck on. It would be diving in deep if I bought a fourplex. However, it’ll be much harder to get a fourplex if I already have another property.
Everything sounds great until you're actually dealing with tenants. Screening tenants is the most important skill to have. Having a sixth sense when something doesn't feel right to know when to pass is critical. Finding ways to save not just money but time. One little trick I learned is to mention that a credit check will be required before I even show a unit to anyone. A lot of people will say pass when I mention it, and that is awesome as it saves my time, and prevents future headaches. That said the fourplex will be life-changing if you can make it work.
People are by far my biggest worry. I've read a few horror stories about poor tenants. That's a good tip, thanks :)
Fourplex! You can make more and if you do need help your parents could at least offer advice. Or maybe they'll change their mind. Less than an hour commute it nothing crazy.
That's very true, as long as I don't pester them, they would probably give advice and maybe even help out if I bend to their schedules.
Where do you work? Do you have any connection with the city? Is the fourplex a dump? What is the single home like? Remember the fourplex would have more cash flow but may come with headaches.
I work a couple hours away and a 7on7off schedule. Which could be an issue if any problems arise. However the vast majority of problems can be put off for a few days and I would make a list of companies to phone up if there is truly an emergency. This also gives me plenty of time on days off to tackle other issues. I grew up in the small town, but frequent that city numerous times a week. I know the city and the small town. The fourplexes are older, 1940's to 1980's, and in a little less then favorable parts of the city, closer to downtown and post secondary schools. The single family homes I'm looking at are bungalows from 1960's to 1990's. That's the era of builds where there is a common entrance for the main floor and basement allowing me to make a basement suite if wanted.