Rental Properties In Maine, Buying Apartment Houses, Renting To Family.
To some the thought of owning rental properties in Maine, any where in the solar system is chilling.
You would have to be off your rocker to consider such a real estate investment. But you don’t hear about the good landlord tenant relationships that are the norm. When you ask questions, know about the history of the renter, their past.
The good, bad, the ugly if known helps sort out the who pays, who stays. Who don’t, who won’t.
Credit and history of destroying their last three apartment units, police records about harrassing the other tenants is all part of being the cub reporter. Making calls, asking questions.
Not letting the first person who calls automatically be the next in line to rent.
Background, like a car fax, a property title search, a face to face interview, a credit check is needed to make long, lasting rental arrangements that work.The kind of buy, rent, pay off the place apartment house stories that have happy endings. Let the property pay for itself, income generate with you the landlord keeping the place up to snuff. And not as the Maine expression “see the place get all stove to heck.” Because you did not do your home work about renting to any Tom, Dick or Harry.
Bad tenants, poor decisions on who gets the keys.
Come back to haunt you the new, green landlord. Means here we go when none of the rent monthly payments are made except the first one to open the door. Damage on a regular daily basis is happening though.
Keeping you awake nights with phone calls from police, the other tenants in round robin fashion.
Pretty much non stop racket the reason for the calls.
And the apartment units that were Park Place, Boardwalk.
Becoming seedy like a flop house. With lots of transients using your place for couch surfing, laundry, washing cars, stealing anything of value, filling the dumpster you provide to over flowing.
Oh and junk cars parked sideways in the drive, up on jack, missing wheels.
And here come the rats, the neighborhood cats because of the ripe smell of garbage in the garage on a hot as July summer day in Maine. Rut rho Scoobie.
All followed by a lengthy knock down dragged out eviction process. All those climbs up and down courthouse steps to get the dead beat tenant to hit the road Jack. And don’t you come back no more no more you hear? Good riddance. Sour notes with that kind of rental music making with the wrong renters in your property.
So rental properties in Maine, an apartment complex or business space commercial kind.
Or just a couple units to invest in can be a quality investment. With knowing what questions to ask, who to call to get the real information needed for sound apartment filling all those units. Keeping them full.
Discriminating for apartment leasing can mean simply picking no renters who the last three landlords that bounced them out say the same thing. “No pay, no stay” is the nickname. They all know the next in line tenant under the bright light, hooked to the poligraph for the questioning.
The small towns of Maine are easier to learn the history, have a little background of what kind of apple is given the keys, the renter who gets to sign the lease.
But consider if the renter was a family member.You know, trust, have experience.
Are glad you are stuck with them for life and vice versa.
A sweet investment can be what happens with the buy an apartment house in Maine for sale process. Picking the tenants is critical. To avoid the kiss of death.
Good tenants, a perfect fit, match for the unit. A loved one like your dear dear Mom who does not warm up to the idea of moving from the homestead you were raised in. To a large apartment building with many corridors of all those numbered doors.
She wants her own space, place, on first floor please.
And is neat as a pin, gets along with everyone she meets who will never forget her.
Smaller, friendlier and famliar after the long stay at the same address where you grew up and you turned out pretty much okay.
Consider buying a two, three, four unit and Mom gets that ground floor. Instead of paying a big rent that we all know is cash in the trash, down the drain.
You have the comfort of knowing Mom is happy
The CPA is all smiles too. That every year harps on the same broken record about buying a rental property will you please?
The second floor over Mom is rented to your divorced daughter with two of the cutest grand kids.
That you are so proud of, enjoy and want them to have a quality up to snuff rental property to live in.
Until the backlash of a nasty divorce heals over. The scars allow moving on which could take a few years financially, emotionally.
Another unit is perfect for Uncle Vinny or Aunt Clara.
Who don’t tell anyone was always your favorite uncle, aunt. Because he did not treat you like a kid when you were one. You learned a lot from him, trust him, he needs a place. Travels a lot and is retired. And is a pretty low impact renter. Not home much and down to the lodge with the boys. Or volunteers at the soup kitchen. Active in his church.
The same one who makes sure Mom, his sister gets to every Wednesday night, Sunday morning. Again Sunday night for worship service.
Oh and one more unitl to rent. The hospital always has a traveling nurse, three month stay locum doctor, someone needing shelter. They pay the rent, even when the place is empty. Because when they have the call for extended stay to house a new employee at the hospital to comply with laws, fit the need for a temporary replacement, your place is the local hotel six. The porch light always on. Ready, waiting, not used all the time but rented full time.
This kind of apartment rental in Maine story ends well for everyone.
Renting a property, taking care of your tenants and the apartment units you shepherd is a win win. The renter needs a place, you need to fill those units. But without damage, the local police scanner announcing one atom twelve, see the drunk tenant up to his old tricks again. Proceed with caution, considered armed and dangerous, again.
Rental units, making the place pay for itself filling the apartment with family members you now, trust, that help each other out.
Working together inside the apartment unit and closer together because you made the call. Looked over, ran the numbers of income and expenses on the apartment house for sale in Maine.
207.532.6573 | [email protected] |
MOOERS REALTY 69 North Street Houlton ME 04730