I have been a subscriber to the Houston Chronicle for the last several months. It seems like nearly every day there is a front page article about how the low-income housing apartment complexes aren’t being properly maintained. Apparantly, these complexes will get sited for some violation and the landlord will just ignore it.
Some of the stories are just horrendous. I remember reading about a cement staircase collapsing on two boys as they were playing. Then earlier this week a 23-month old boy drowned in a pool because he was able to slip through the iron fence that had missing bars (I won’t go into why the boy wasn’t being watched more carefully). One lady in that story allowed the reporter to go into her apartment. She reported seeing mold, ceiling damage, exposed wiring, and roaches. Pretty bad living conditions if you ask me.
So, here’s my question for those of you who may know:
Is it possible to be a GOOD landlord of a low-income housing complex and still make a profit? Is it possible to keep things from falling into disrepair and still make enough money to pay the bills? Are landlords just greedy or are they fighting a losing battle with tennants who don’t respect the property?
I ask this because I would consider investing in a low-income housing complex IF I could do it right and still make a profit. I couldn’t afford for it be a charity project and I wouldn’t want to do anything if I couldn’t do it right.