anyone own rental properties on here?

-
My dad had a couple rental places when I was growing up. He got calls for the dumbest crap and you have to help them out. The funniest call was the plugged up toilet. My dad unplugged it and it was full of used condoms! He said if they plug it up again, they can pay to get it cleaned up. Another good one was a skunk that got under the house. It sprayed once and the tenant stayed a couple nights at her kid’s place. We trapped and killed the skunk. There was no discernible skunk smell around or in the house, but she wanted my dad to have the house professionally cleaned and wanted him to pay to have her entire wardrobe and all belongings dry cleaned. He told her NO and she broke the lease a week later. A week after that,the house went in the market FOR SALE!!
 
Best story I have is:
Had a couple renting, John and Teri.
John calls me up one day and say that there is a tile loose in the bathroom. What should he do.
I told him to go ahead and take the tile down if he's worried it will fall and shatter. I'll be over on Saturday to fix it.
That Saturday I show up, go into the bathroom and John has taken all the tile down off of the walls.
John and Teri tell me that they went to the hardware store, spoke to a consultant and have new tile and other items ordered. Okay, this should be interesting.
Get to the hardware store and sure enough, they did order new tile. They also ordered a new vanity, sink, bathtub, toilet, flooring and towel racks.
All this to the tune of around $10K.
The consultant tells me how they had everything ready, they'll get it delivered later that day, all I need to do is authorize the sale.
I walked over and picked out two pieces of waterproof wall panel, took it to the counter, paid and left. The consultant was wanting to know what to do, I told her to call John and Teri, I didn't order that stuff.
I get to the house, John and Teri had left, so I went in, hung the wall board and left.
Later that night I get a call from John wanting to know why the tile wasn't up and why I put wall board in it's place. He also said the consultant was upset I denied the sale of the other items, and there will be a restocking charge. I told what I thought about the whole scheme and that I never authorized or told them to go do what they did.
I was suddenly the asshole. I went to my lawyer, we decided it was time that John and Teri found a new place to live and that they was also liable for the bathroom tile they tore down.
I basically told them they had 30 days to leave, if it comes to an eviction, I would also sue for the $10K in damage they did to the bathroom.
Of course I was bad talked, apparently it got to their church. The pastor called me asking to reconsider. Nope. That was it.
I did, however, take advantage of the fact the house was empty. I went through and completely remodeled the place to include the bathroom. Although not as extravagantly as John and Teri had wanted.
While I was there one day, a process server shows up looking for John.
I didn't get all the details, but he was being sued by his former employer. Turns out he was also without a job too and man did I miss a bullet.
 
I have 4 rentals 3 houses and an apartment.
Got lucky all of them left to me by by grandparents, so no mortgage.
My best advice is, references and rent to older single people. No kids or pets, or anybody under the age of 40.
Be able to fix 90% of whatever goes wrong yourself, and have at least $50,000 cash in the bank to pay somebody on short notice to repair something. A furnace will break in the dead of winter, quick fix makes for happy tenants.
Happy tenants make good renters.
 
Slowswinger said:
Next time try removing the exterior doors. It cost less to repair.
Click to expand...
I know an ol Navy Vet Biker/ Guitar player that has an ol 57 Coronet...he takes the doors off for " Paint" and adds so much water they never dry! Lol. " if you would have paid the rent , I could have gotten decent paint! Don't touch my door!" He's a trip....
 
Ok, let me add some details

It is a duplex we are looking at
One side will be homesteaders by my nephew, short term (he just got married and they need to be on their own, so that is why now is the right time to do it)

At this moment, both sides have tenants
one who is cool, and gets to stay, the others not so much and will have to leave

(then being out is a term of the sale)

when my nephew moves out, wheneverthat is, we intend to rent out both sides


the house is in a great part of town, close to the lake so that should help attract good renters I think



oh yeah,, where do I get a crystal ball that tells me who will be a good renter and who won't?




gunbunny said:
What do you want to know?
Click to expand...


Mostly what to avoid

Also, what to reasonably expect
 
65TerrorCuda said:
Guy I knew had a tenant decide to install a pool in the back yard, but all he did was dig a giant hole. Every door is going to get slammed to death and random holes kicked in walls. Plus whenever they move out the fridge is full of garbage. Minor stuff but I get to hear about it all the time
Click to expand...
I've strapped many fridges up and sent them away.. not worth the bs.
 
Having your Nephew there is a big plus to keep an eye on things.
 
I've rented for 9 yrs... not one late payment ever.
Do my own repairs, am moslty quiet..and keep an eye out for trouble...and all my neighbors trust and like me.
So.cal , too expensive to buy anything right now.
They raised my rent every year for the last 4 years saying it was too low. It's still low...but for a reason. The thing about rental homes..is ..if it's a drafty inefficient home...landlords/owners seem to ignore that fact and ask the going rate based on something comparable that HAS dual pane windows, actual insulation, doors that seal and a kitchen that has cabinets with drawer tracks counter tops made of granite/stone/corien. I'm also a flooring guy...so I have 8lb pad and 30 dollar a yr carpet I put in to raise the level of comfort and quiet the place...since its up stairs with a void underneath. I'm the tenant that actually upgrades in reasonable ways. No changing the home. Unfortunately when it comes to landlords and property management companies the bottom line is what's important and they merely judge by bedrooms, square footage, location,parking.
So they want you to basically pay the same amount of rent for something based on the above ..meanwhile as forementioned one would cost you $110 a month to power and heat in the other would cost you about $200 ...cuz it's a ******* drafty box.

It's really fucked.
 
Last edited:
I'm not a Landlord. But I've been " in the biz" for A LONG TIME... I've seen all kinds of ****. I do know the market is higher than hell right now. Also, from Personal Experience, having Friends and Customers in Property Rental, High End Flips, and a 128 home family Property Management company I worked for, I pretty much agree with everything written by everyone here on this matter, to one extent or another. Location is a Big Thing. I've seen neighborhoods turn up, and turn down. It is highly possible we will be facing a downturn soon unlike never seen before. I Pray not. Knowing Your Trades is also a big thing. It's bad enough to go spend at Lowes then work on your time off, but to pick up a phone and to have to call someone outta the Yellow Pages? Sheeeit....
 
Last edited:
Lots of good, lots of bad being a landlord. We did it for 20 years, at one time had 3 homes rented out. No more.

Hardest part for me is I was active duty military and we weren't in the area of the houses. Had to pay a property manager and pay for all repairs.

Had a tenant who paid on time every month and never called for a repair in 6 years. Property manager calls and says "your tenant had a family emergency and had to move out and left a mess." It turned out to be a $13,000 mess. They had brought in 5 dogs, pulled up the new berber carpet and laid down sticky tiles. Dogs destroyed every door frame and cabinet. Tenant didn't have any money so they were judgement proof, and the property manager is not liable... We fixed it and tried again. The new tenants paid but called at least once a month about "something". Real PITA's.

I think if I would have lived in the area it would have been much better.

Sounds like a good situation for you. You can be involved in who you rent to and you are there to do all repairs. Lots of good advice given.
 
Single family, no. A duplex, no. Invest in a triplex at a minimum, a fourplex is even better. More than 4 requires different financing.

It's best if you live in one of the units or are nearby. Best to be handy to save $. Positive cash flow is better than negative, but its the depreciation of the asset that saves you $$$ and is the real motivation to have rentals. It shelters your income from tax. Then there are the write-offs which help a bit too.

Keep your rents at market price when they move in and let them grow below market a bit, so people realize they have a good deal and motivation to stay and keep you happy. Treat your renters like valued customers, be responsive and take care of the property.

They will pay the place off for you and your family. It works.
 
Id do the duplex thing. I rent the next door place which was the original buy, then built the shop and live above in the back 40. I have rented to bad and good. I just chalk it up. keep the place nice. fix stuff right away and encourage them to report damage right away. I dont nickel and dime people. It covers my mortgage and they have to deal with the guy who lives next door. The agreement is very to the point. Worse case scenario is someone wont move out. In this state the renter HAS to move out if Im moving in. If it gets to that point I say Im moving in and I take a month to go through the place, might spend a couple thousand painting and making it premium ......then rent it out. I try to stay away from pets. I usually give all the deposit back and many times I dont have to relist it as the people moving out know someone. Everyone is happy. Sure I spent some cash, but it comes back to you. Operating costs when doing the work yourself amount to maybe 2-3K every 2-3 years if you have a solid house to start with. New roofs, and sewer are the worst, get that in your home inspection for sure.

0.02
 
Call me a prick but if I were going to do Rental property without question go for Section 8. I have one beside me and it has ruined my quality of life on my property. Owner doesn't care since he gets that check guaranteed every month. Since nobody can, has, or will help me I am now bitter with it and turn about is fair play. If it didn't make sense these renters wouldn't be in there 6 years later.

You asked and I gave an opinion. I would not hesitate.....

JW
 
SLOPAR72 said:
Call me a prick but if I were going to do Rental property without question go for Section 8. I have one beside me and it has ruined my quality of life on my property. Owner doesn't care since he gets that check guaranteed every month. Since nobody can, has, or will help me I am now bitter with it and turn about is fair play. If it didn't make sense these renters wouldn't be in there 6 years later.

You asked and I gave an opinion. I would not hesitate.....

JW
Click to expand...
Sec 8 is a Pain in the ***! Only do that with OPM..as in Property Management. Sure, you'll get a check, every month, but most of the people have unruly kids that break ****, they can ( and will) stop you checks for bs reasons. The tenants can complain to them. They are some people that need it, others have made it a lifestyle
 
I recommend every landlord spend the night/weekend once in the place they intend or plan on renting to somebody...and during the coldest/hottest.

Ground your perception.
 
Ironracer said:
Sec 8 is a Pain in the ***! Only do that with OPM..as in Property Management. Sure, you'll get a check, every month, but most of the people have unruly kids that break ****, they can ( and will) stop you checks for bs reasons. The tenants can complain to them. They are some people that need it, others have made it a lifestyle
Click to expand...

I agree but now that I have seen the other side of it for a property owner they can make it work for their investment. The one beside is a tight *** so if it didn't work then he would ditch the deal. And yes, some people do need it. But as you say it's the lifestyle group that have it figured out and no accountability. I still say a great investment model....

JW
 
diymirage said:
Ok, let me add some details

It is a duplex we are looking at
One side will be homesteaders by my nephew, short term (he just got married and they need to be on their own, so that is why now is the right time to do it)

At this moment, both sides have tenants
one who is cool, and gets to stay, the others not so much and will have to leave

(then being out is a term of the sale)

when my nephew moves out, wheneverthat is, we intend to rent out both sides


the house is in a great part of town, close to the lake so that should help attract good renters I think



oh yeah,, where do I get a crystal ball that tells me who will be a good renter and who won't?







Mostly what to avoid

Also, what to reasonably expect
Click to expand...


The rental market is populated by a few basic types of people:

1. People who want to live in an area they can’t afford to buy a house in

2. People who just don’t want to own a house, many reasons for this

3. Good people who are just down on their luck. Could be a messy divorce, lost a job, illness in the family, etc. Things will get better for them.

4. Good people who are always down on their luck. They mean well, but you wind up footing the bill.

5. Losers, scumbags, con men, serial killers, axe murderers.

The farther you go down the list, the worse it gets. The more demand in your area, the better your chances are.

Credit reports are a good start for references, but the actual scores mean very little, as a large number of renters have what is considered bad credit. Bad credit is epidemic. What you need to see is what is in the report. What is their recent history?

References where you can’t confirm who they say they are are usually worthless.

A reference from a current landlord may also be worthless. They may want to get rid of them, or fear reprisals.

As said in a post above, do your homework. Find out as much as you can about them.

I have found that if I tell prospective tenants that I will run a credit report and want a $50 deposit (refunded if they rent), that clears out most of the con men. They never call back. The honest ones may want to talk about it before they apply if there is something bad.

Be realistic about the area the property is in. On the coasts & big cities, renting is the norm. Not so much in the midwest and smaller towns. The big demand, high rents and big profits that people talk about may not be realistic for your area.

Facebook offers a rental listing service one of my friends has used with good luck. I will try it next time.
 
Follow EVERY step of post #14.
It took me 10 yrs and several thousand $$$ to make that list, - and EVERY time I didn't follow it, it cost me !
When you nose around, you will discover things that will help you decide, and avoid the heartache others have described, and more !
Wrecks in the yard where he lives now.
Crap stacked on the porch, a stench from inside.
You never know till you look !
Trust me, start there, or pay !

diymirage said:
Ok, let me add some details

It is a duplex we are looking at
One side will be homesteaders by my nephew, short term (he just got married and they need to be on their own, so that is why now is the right time to do it)

At this moment, both sides have tenants
one who is cool, and gets to stay, the others not so much and will have to leave

(then being out is a term of the sale)

when my nephew moves out, wheneverthat is, we intend to rent out both sides


the house is in a great part of town, close to the lake so that should help attract good renters I think



oh yeah,, where do I get a crystal ball that tells me who will be a good renter and who won't?







Mostly what to avoid

Also, what to reasonably expect
Click to expand...
 
Last edited:
One group of individuals I know, use Criminal Background checks.. they don't care of you have had some BS. But if you have serious Drug or Violent Crimes? NO DEAL. the Best Weapon they have is, in FL, a Simple eviction check! They know if you have went through the Eviction Process in FL, You know how to tie up their Property for about 6 months, not only costing You Thousands in lost income, But over a Grand in Court costs. So, those folks are an Auto NO GO
 
With all these stories...and what I have seen with my own eyes....imagine just 3 years into renting out the investment property......stay with me now.....you decide to travel and check on it....and find.... a toilet in the front yard...with a cactus growing out of it...3 non running vehicles in the driveway...cats everywhere... garage full of boxes and junk.. a person named j par passed out on a mattress living in there...dining table piled with magazines,bills, token ****......kitchen.. just stench and old food n dishes...livingroom couple of broken TV's...one ontop that works...some broken DVD players..throw rugs on top of throw rugs..tv tray stands with overflowing ash trays and pill bottles...some 5ths of jack by the chair someone practically lives in and only leaves to **** or change depends...back rooms full of bed ridden relatives and drug addict nephews and their ***** gfs with tats on their hands and thighs... no one uses the front door in years cause they all go around the side through the garage...front porch with old newspapers and disgarded furniture/bicycles..overgrown yard...

Short of a meth lab..but a sure fire suicide or overdose...or drug deal gone bad.
:eek:

That could be your rental property
:popcorn:
 
I have a few. Non residential. As someone said laws vary..
Around here commercial is the best way to go. Resedintial have more rights then the home owners. Just look at today's mandated rent freeze. Way easier to evict trouble with commercial. They don't pay you can just padlock them. Not residential.
What ever way you go, incorporating is the first thing you should do. It separates your personal . It's an investment property , keep it that way, seperate plus tax benifts are better, and make sure the renters have renters insurance.
 
Last edited:
You must log in or register to reply here.
-

Back
Top