Does anybody have experience with buying small multi-unit apt complexes (6 to 10 units) and renting out the same?

I am looking for some real world experiences in this area afer reading the Rich Dad Poor Dad series.

Specifically what are the problems faced by people into this?

-----------------------------------------------------------------
I have only 2 cents to contribute, not a cent more, not a cent less ;-)

I have a two units rented out to two tenants.

My first tenant got into alimony trouble and to make it simple, he disappeared without paying close to $1500. Atleast he did not trash the place. He cleaned it out real good, left the key on the kitchen counter, left me a phone message and was gone !!!

My second and third tenants are worlds apart. One calls three days before the rent is due and pesters me to pick his rent up!! Never bothers me and keeps the place within reason.

The other tenant pays rent regularly and the cheques don't bounce!! God bless!! But he expects luxury. He wanted me to paint colors on the walls, which I refused; he expected all the windows and blinds to be dusted and be speckless (which I agreed). More than that, he calls me every month and gives me a laundry list of things that are not to his satisfaction - most of it I have learnt to repair myself and hence it is grudgingly ok.

So, what have I learned? If you have time to attend to the maintenance issues and if you are reasonably handy, and have "conflict resolution" skills along with skills to say "no", then go for it.

But be prepared for bad tenants...they can become a nightmare. If you have older units, they will require maintenance.

About income. Can they be the sole income? I guess, maybe, if you have a lot of units. However, that's not the case for me, obviously. I get about 15% profit before taxes (and after paying mortgage, property taxes, some utilities, etc). To me, that ain't too bad.

Final word - I am ready to sell the property since I am now unable to attend to the property as much as I would like to.

-----------------------------------------------------------------
Dimple2001