Do any of you own rental property

[Guest]

6 hours ago, ArcticCrusher said:

 

 

I can not believe the state of America. 

I can not believe who we had to choose from, and I can't believe the damage they've done, and will continue to do. 

I know I'm an over-reactive person, but I hope we don't go into a recession/depression, or a civil war. 

I see NOTHING good or hopeful for our future.  

[Blackstar]

I've always wanted to. Came close but never pulled the trigger.

I've looked at commercial and residential but the fear keeps me from taking the jump.

I have a couple buddies who have done it and made out ok but both had bad tenants at some point and lost big money pushing them out.

My one buddy had a house an hour from his place. He bought it for his sister when she split from marriage #2 with no money. But 6 months later she found a new man and left. Someone her new man knew was needing a place so he moved in. The guy made 2 rent payments then stopped sending cheques. After 3 months of no payments or returned phone calls he took the drive to check the place. Front door was laying in the garden, stove was in the backyard cause there had been a fire, holes in walls, garbage, etc. Place was a mess. Took him 6 month to get the fucker evicted.

That shit scares me....lol

[ActionfigureJoe]

Sold my rentals last year. One of my better decisions. 

[steve from amherst]

Stick with commercial, they dont have any rights

[Edmo]

45 minutes ago, steve from amherst said:

Stick with commercial, they dont have any rights

Sold my rentals when I was younger. Invested in the market. So much lass hassle. I got enough problems of my own, don’t have the time to deal with others problems and BS. 

[ActionfigureJoe]

1 hour ago, steve from amherst said:

Stick with commercial, they dont have any rights

I regret not joining a partnership in the construction of a local storage facility. Easily one of the simplest forms of passive income. The group has had a couple of incidents involving the authorities. But overall it’s been a pretty clean, low overhead operation. 

[Zambroski]

1 hour ago, ActionfigureJoe said:

I regret not joining a partnership in the construction of a local storage facility. Easily one of the simplest forms of passive income. The group has had a couple of incidents involving the authorities. But overall it’s been a pretty clean, low overhead operation. 

I’m looking into this now.  Apparently, zoning permission to do this here is a bitch now.  Been talking with the guy we’ve been renting one from since last year.  They are up his ass constantly about something.  Knowing this weak and inept libtwat leadership here, they probably want him to convert it all to homeless shelters….on his dime.

[Zambroski]

Also, it appears that, once a rental is sold and to be converted back to residential, non-rental.  People can be tossed out on their can.  Some good buys may be coming available.  My eyes are open!

[favoritos]

Maybe some of this will "clean" up the market?

There are certainly renters that will use the opportunity to not pay their due.  I see some pretty fancy new rides sitting in front of buildings full of delinquent renters.

We got into the market almost by accident during the big real estate readjustment.  Friends lived in a place that owners couldn't afford.  It had good bones, but needed a little work.  The owners went all in during the rising market, but didn't have spare cash to carry debt and care for the property.  The decline of the property and tenant selection was apparent.  We did a simple owner walk away offer and cleaned up the place.  It's been good after a little work and diligence with renters.  We've picked up a few more with the same approach.

We keep watching the market with the intent of expanding slowly.

But, the market has changed a lot.  It has gone away from income generating investment.  Values have been driven up by piles of buyers that have not been in the market.  They couldn't afford a nice home, so they bought a rental to live and gain equity.  Those new owners won't survive through a pause. 

The rental property market needs an adjustment.  Current pricing is a higher risk venture with politics adding to the equation.  Those local political games are already pushing down values in a particular set of zip codes in our region.  The buildings that belong to "new owners" will certainly affect the market.  I expect to see people taking losses on slightly neglected properties.

BTW, the duplex and single family stuff is a tough way to "make" money as mentioned.  The mechanicals, exterior, and property per unit ratio will be a deal breaker if you plan on letting someone else handle the tasks.

We also have roughly 6% market rate on property management companies in our region.  You couldn't make money buying properties at current pricing and letting someone else run the show.  Those companies are also less than stellar at weeding out the deadbeats.

[teamgreen02]

2 hours ago, ActionfigureJoe said:

I regret not joining a partnership in the construction of a local storage facility. Easily one of the simplest forms of passive income. The group has had a couple of incidents involving the authorities. But overall it’s been a pretty clean, low overhead operation. 

 

1 hour ago, Zambroski said:

I’m looking into this now.  Apparently, zoning permission to do this here is a bitch now.  Been talking with the guy we’ve been renting one from since last year.  They are up his ass constantly about something.  Knowing this weak and inept libtwat leadership here, they probably want him to convert it all to homeless shelters….on his dime.

Storage facilities, car washes, and laundromats can do well in the right areas.  

The rule of thumb for storage facilities is everything the tenants put in them isn't typically worth the first month's rent.  Once their stuff is in there, it's easier for them to keep paying than move it out.  Amazing what people will pay to store worthless stuff.

[1jkw]

We are 1/3 owners in a rental, for me I would love to sell now because the market is so hot, it will take years of collecting rent to match the 1 time amount from selling. We have been lucky with tenants never missed a payment or broke anything in the house.

[ActionfigureJoe]

6 hours ago, Zambroski said:

I’m looking into this now.  Apparently, zoning permission to do this here is a bitch now.  Been talking with the guy we’ve been renting one from since last year.  They are up his ass constantly about something.  Knowing this weak and inept libtwat leadership here, they probably want him to convert it all to homeless shelters….on his dime.

The main issue with storage facilities is people living in them. One year ago a local guy got booted for living in his. I know the man. He’s got several hundred thousand dollars in the bank from work and inheritance. He also receives tribal money. He had the full set up. 12v diesel heater running off a couple of AGM’s, inflatable bed, dresser, table, and stove. He had a small generator that he’d run to charge up the batteries. He rides his bicycle everywhere so no car. Really weird. 

[Zambroski]

8 minutes ago, ActionfigureJoe said:

The main issue with storage facilities is people living in them. One year ago a local guy got booted for living in his. I know the man. He’s got several hundred thousand dollars in the bank from work and inheritance. He also receives tribal money. He had the full set up. 12v diesel heater running off a couple of AGM’s, inflatable bed, dresser, table, and stove. He had a small generator that he’d run to charge up the batteries. He rides his bicycle everywhere so no car. Really weird. 

That is weird.  I think that’s why none of these units have power in them.  Beats me. Whew…cold winters in those things.  

[motonoggin]

Landlords are leeches.

The end.

[Zambroski]

1 hour ago, motonoggin said:

Landlords are leeches.

The end.

Well, I’ve heard both sides and been on both.  Plenty of shitty slumlords but, they serve the needs of society’s most worthless parasites that do nothing but destroy the rentals….before finally being evicted.

[Angry ginger]

1 hour ago, motonoggin said:

Landlords are leeches.

The end.

LOL  yes renters are awesome giving people SMH

[CFM]