Any real estate guys on here or renters?

[MOPARENT]

Don't rent!! Flip stuff!! The horror stories are very real!! Go sit in a courthouse for a day. Watch the eviction process brutally ****-ize some poor homeowner who thought renting out the house was a good idea. The welfare queens win every time!

 

[BeeKool]

I'm leary of renters. In 75% of the cases, they would be homeowners if they were responsible people.

747mopar, are you a licensed contractor? Most of the municipalities around here require any and all work performed on rental properties to be done by a licensed contractor.

That's why In rural.. lol

 

[Cranky]

In the late 70's I helped my sister and her husband with their rental properties and saw a lot of crap. Her husband was pretty much a slum lord with the majority of it though. They had 52 units which included single houses, duplexes and fourplexes. I was thinking of renting out my place and move into my renovated shop (live on site) or a travel trailer but not too sure I want to do either.....

 

[WileE]

Invested in a rental property years ago, I would NEVER do it again. The horror stories are real.

 

[WileE]

Don't rent!! Flip stuff!! The horror stories are very real!! Go sit in a courthouse for a day. Watch the eviction process brutally ****-ize some poor homeowner who thought renting out the house was a good idea. The welfare queens win every time!

^^^^^ THIS^^^^^

 

[conv67bdere]

My wife and I were renters for a few years, and we always paid our rent/bills on time. Always left a property in better condition than when we moved in....the perfect tenants.
Sorry that doesn't answer your question much @747mopar

Yes it does Kiwi . . . 747Mopar needs you to rent his house ! ! ! ( SMILE )

 

[Racefish]

Invested in a rental property years ago, I would NEVER do it again. The horror stories are real.

They are real. How about 30,000 in damages in less than a year and he didn't pay the rent

 

[ws23jrt]

I had a renter from hell living in my only rental. She was three months behind in rent and I went to chat with her about it.

She told me that I was lucky to have her as a tenant because she would not sue me if she broke her ankle walking on the "uneven floor".

It just so happened that a land developer wanted that lot. I sold it to them with that renter living there.
I got lucky with a huge profit from the sale and distance from lawyer costs.
BTW a few months later that house was gone and to this day it is a vacant lot 28years on.

 

[440+6]

I personally would never go near residential, I started at 24 years old and built my first industrial building, I built spec buildings and either sold or leased them. Now I still have several industrial properties and a couple of shopping centers.
Believe me dealing with professional business people is much easier, I know a few people with residential properties and you couldn't give them to me.
I am 56 now and was able to retire before I turned 50 and my biggest problem is what to do with all the cash, it's a curse i tell ya lol.

 

[Sonny Black]

if they are more than 2 days late I am all over their butt....note with 5 day, etc...

when they move in they (the unit) are "up to date"........
I get my money....but most (renters) are filthy, smelly, & PITA's....

Other than that, I can't complain..

 

[Sonny Black]

I personally would never go near residential, I started at 24 years old and built my first industrial building, I built spec buildings and either sold or leased them. Now I still have several industrial properties and a couple of shopping centers.
Believe me dealing with professional business people is much easier, I know a few people with residential properties and you couldn't give them to me.
I am 56 now and was able to retire before I turned 50 and my biggest problem is what to do with all the cash, it's a curse i tell ya lol.

I rent to commercial renters..they are much better to deal with....and signs on the roof are the best renters!

 

[ws23jrt]

An old friend of mine had several rentals in a low rent part of town.
He told me about how he dealt with a nonpayer one time.

He pulled up in front of the house with his truck piled with stuff. He came in and sat in the front room and asked --what's for dinner.
They said get out. He said no--I live here It is my house. BTW this guy is big and imposing. (6ft 6in and had a knack for looking crazy).
The cops were never called and the house was vacant by the next day with my friend occupying his house all night to make it happen.

 

[Racefish]

Unless that sounds like fun, sell

 

[ws23jrt]

Unless that sounds like fun, sell

In my case, I sold to get away from the huge and expensive legal hassle it takes to have people physically pulled out of a house.
I have seen it done with cops and movers piling stuff on the curb to give a house back to the owner.

 

[HT413]

And there ya have it. Everything all of us have said is absolutely true and yet we have all ends of the spectrum.

It can be done, but it’s a PITA. If you do it, it needs to be a house that is easily rented, in a rising or at least established housing market, and you need to be sure that the rent covers the bills. Then after 15 years, the renters have paid off a nice chunk of the mortgage for ya, appreciation has hopefully been good to ya, the renters haven’t crushed your soul like an empty can of Old E... you might have a decent piece of change coming your way when you sell it.

 

[bm02tj]

Find any reason to enter property every month
any thing you buy use a small bit for the rental and keep track and bill to rental
for taxes

 

[ws23jrt]

And there ya have it. Everything all of us have said is absolutely true and yet we have all ends of the spectrum.

It can be done, but it’s a PITA. If you do it, it needs to be a house that is easily rented, in a rising or at least established housing market, and you need to be sure that the rent covers the bills. Then after 15 years, the renters have paid off a nice chunk of the mortgage for ya, appreciation has hopefully been good to ya, the renters haven’t crushed your soul like an empty can of Old E... you might have a decent piece of change coming your way when you sell it.

Thanks for that. I have yet to hear about being a landlord with rough property working out well. Maybe it can but it certainly is a tough haul to just stay above water at best. Not for me.

 

[ws23jrt]

Find any reason to enter property every month
any thing you buy use a small bit for the rental and keep track and bill to rental
for taxes

I have to smile at this.--Sorry no offense personally intended.
I could go on till your eyes would blur. (wringing every drop out of tax law to make this workout just adds to the legal issues that follow with conflicts).
Bringing an IRS issue into the muck helps--who??
The bottom line remains. Being a landlord (with rough residential) is not a moneymaking venture. It is a risky venture. A constant rock in the shoe.

 

[HT413]

Thanks for that. I have yet to hear about being a landlord with rough property working out well. Maybe it can but it certainly is a tough haul to just stay above water at best. Not for me.

I did it for almost 15 years, 3 properties. It was fun until kids. Most people are good. For me it just got old because my brother (business partner) got a crazy job and suddenly for 10 years I’m the sole caretaker of 3 houses plus my own. Man the renovations between rentors really started to get to me - one man show working day and night to renovate a pretty torn up house... knowing every day is more lost rent... and no one is coming by to help. Love my brother, but what a shame I chose him as a partner.

But I’ll say this, even after going through the housing market collapse, I made a clear $100k selling all 3...

For me it was all about turning my blood sweat and tears into kids college tuition. Now I don’t have all my kids paid through Harvard but i have enough to get them started and plenty to get through trade school.

 

[747mopar]

Thanks a lot guys. Flipping is my first choice but thought I'd explore all the options. So what I learned here is DON'T RENT LOL!