Back to the Real World

[Skitter]

Know the bad hastle side of that but if you are older and want investment income and living space combined might be a rare case to consider it especially if you can sell investment and residential properties.

-interesting you suggest that. One of my co-workers was recently asking me questions about rentals. He is getting close to retirement and is considering buying a small multi-plex, renting all the units but one, that he he live in with his wife.

Dave2..........did you get my email about the 50 unit building near you for sale?

[Dave2]

Know the bad hastle side of that but if you are older and want investment income and living space combined might be a rare case to consider it especially if you can sell investment and residential properties.

-interesting you suggest that. One of my co-workers was recently asking me questions about rentals. He is getting close to retirement and is considering buying a small multi-plex, renting all the units but one, that he he live in with his wife.

Dave2..........did you get my email about the 50 unit building near you for sale?

Skitter:

Responding to your post.

1) If you have a bad tenant headache having them in your face all the time is not a pleasant experience. On the other hand the fact that you are there all the time will probably discourage some bad tenants from possibly applying.

2) From a management standpoint makes things easy particularly in those minor repair or management problems; such as when a tenant loses their keys or showing the apartment to new possible renters. (The landlords on this board have never had my historic problems of the prospective tenant not showing up at all or being very late)

3) The biggest advantage maybe financial. Assume you have a residence and the equivalent of a small muliplex (could be a couple of duplexes for example). By selling all your existing assets particularly your principal residence which is tax free in Toronto ; you can substantially pay down if not eliminate debt.

You also can eliminate all management fees.

To do it though the building has to be in an area that is pleasnt to live and is a nice building. Thats why I suggested this one.

4) Yes I did receive you email on the large building; A little big for me without going into substantial debt but have passed it onto a friend. Thanks.