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So you want to be a landlord? - Printable Version

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RE: So you want to be a landlord? - PJ - 05-27-2020

(05-26-2020, 03:26 PM)MiscellaneousDave Wrote:
(05-26-2020, 02:35 PM)PJ Wrote: These stories are too awful lol. I really would like to use rental properties as a little supplemental income but I can't see a scenario where it works out well.

I think it can.  But there are a few key things to keep in mind.
  • Have them nearby (where you can drive and pick up the rent while actually checking on your property)
  • GO WITH YOUR GUT.  If you think they are scumbags, don't rent to them.  Don't be desperate to get that rent where you pick anyone.
  • Save some of that money for repairs and such.

Thats a really good idea to physically pick up the rent each month. Hate to not see the property for 6 months or something and get a big surprise one day.

(05-26-2020, 10:21 PM)Chickenhawk Wrote:
(05-26-2020, 02:35 PM)PJ Wrote: These stories are too awful lol. I really would like to use rental properties as a little supplemental income but I can't see a scenario where it works out well.

What I learned was be a asshole. Its business not a  clarity and the more you charge the less dirtbags you'll deal with.     Mine was a learning experience but glad its over. And i did make out  good with the sale of the property and all the tools i got to keep (and wright off) .

Well thats music to my ears. I will be right in my natural habitat. No one does asshole like I do ?

I didn't realize you sold the place. I think the last video I saw it was still being fixed up.

(05-26-2020, 10:24 PM)MaintenanceGuyMD Wrote: I also try to make sure at least one of the tenants has an excellent credit rating. This way, if they trash the place, a claim can be put on their record which would ruin their credit score for several years.

Thats a good tip too. People with really good credit probably would care much more about that than someone with a crap score.

(05-26-2020, 11:57 PM)Yukon Wrote: I rent right now and I try to take care of the places I’ve lived like I was raised to. If you borrow something, return it in as good a shape or better than you when you got it.

On the other hand, I wouldn’t be a landlord....EVER. People suck.

If I get a place you might have to be my first tenant! Something tells me most people don't follow your motto.

RE: So you want to be a landlord? - MiscellaneousDave - 05-27-2020

(05-27-2020, 12:05 AM)PJ Wrote:
(05-26-2020, 03:26 PM)MiscellaneousDave Wrote:
(05-26-2020, 02:35 PM)PJ Wrote: These stories are too awful lol. I really would like to use rental properties as a little supplemental income but I can't see a scenario where it works out well.

I think it can.  But there are a few key things to keep in mind.
  • Have them nearby (where you can drive and pick up the rent while actually checking on your property)
  • GO WITH YOUR GUT.  If you think they are scumbags, don't rent to them.  Don't be desperate to get that rent where you pick anyone.
  • Save some of that money for repairs and such.

Thats a really good idea to physically pick up the rent each month.  Hate to not see the property for 6 months or something and get a big surprise one day.

You can even replace the AC filter each month too to make sure it gets done, and again allows you to make sure all is well. 

I will tell you that In Florida it is a PAIN to evict someone, not sure about up there.  That is something you may want to research too if you decide to do it.

RE: So you want to be a landlord? - PJ - 05-27-2020

(05-27-2020, 05:52 AM)MiscellaneousDave Wrote:
(05-27-2020, 12:05 AM)PJ Wrote:
(05-26-2020, 03:26 PM)MiscellaneousDave Wrote:
(05-26-2020, 02:35 PM)PJ Wrote: These stories are too awful lol. I really would like to use rental properties as a little supplemental income but I can't see a scenario where it works out well.

I think it can.  But there are a few key things to keep in mind.
  • Have them nearby (where you can drive and pick up the rent while actually checking on your property)
  • GO WITH YOUR GUT.  If you think they are scumbags, don't rent to them.  Don't be desperate to get that rent where you pick anyone.
  • Save some of that money for repairs and such.

Thats a really good idea to physically pick up the rent each month.  Hate to not see the property for 6 months or something and get a big surprise one day.

You can even replace the AC filter each month too to make sure it gets done, and again allows you to make sure all is well. 

I will tell you that In Florida it is a PAIN to evict someone, not sure about up there.  That is something you may want to research too if you decide to do it.

Yeah thats a good idea to look into too.  Way back in the day I worked at an apartment complex and every 6 months we had to go into each apartment and change the smoke detector batteries.  That would probably be a good excuse to take a look around too.

RE: So you want to be a landlord? - MiscellaneousDave - 05-28-2020

(05-27-2020, 11:37 PM)PJ Wrote:
(05-27-2020, 05:52 AM)MiscellaneousDave Wrote:
(05-27-2020, 12:05 AM)PJ Wrote:
(05-26-2020, 03:26 PM)MiscellaneousDave Wrote:
(05-26-2020, 02:35 PM)PJ Wrote: These stories are too awful lol. I really would like to use rental properties as a little supplemental income but I can't see a scenario where it works out well.

I think it can.  But there are a few key things to keep in mind.
  • Have them nearby (where you can drive and pick up the rent while actually checking on your property)
  • GO WITH YOUR GUT.  If you think they are scumbags, don't rent to them.  Don't be desperate to get that rent where you pick anyone.
  • Save some of that money for repairs and such.

Thats a really good idea to physically pick up the rent each month.  Hate to not see the property for 6 months or something and get a big surprise one day.

You can even replace the AC filter each month too to make sure it gets done, and again allows you to make sure all is well. 

I will tell you that In Florida it is a PAIN to evict someone, not sure about up there.  That is something you may want to research too if you decide to do it.

Yeah thats a good idea to look into too.  Way back in the day I worked at an apartment complex and every 6 months we had to go into each apartment and change the smoke detector batteries.  That would probably be a good excuse to take a look around too.

Yup you just need to schedule the time with the renter and such but a great idea nonetheless.  Did you look around while you were there?  Not for valuables or anything, just to make sure the place wasn't wrecked?

RE: So you want to be a landlord? - PJ - 05-28-2020

(05-28-2020, 10:10 AM)MiscellaneousDave Wrote:
(05-27-2020, 11:37 PM)PJ Wrote:
(05-27-2020, 05:52 AM)MiscellaneousDave Wrote:
(05-27-2020, 12:05 AM)PJ Wrote:
(05-26-2020, 03:26 PM)MiscellaneousDave Wrote: I think it can.  But there are a few key things to keep in mind.
  • Have them nearby (where you can drive and pick up the rent while actually checking on your property)
  • GO WITH YOUR GUT.  If you think they are scumbags, don't rent to them.  Don't be desperate to get that rent where you pick anyone.
  • Save some of that money for repairs and such.

Thats a really good idea to physically pick up the rent each month.  Hate to not see the property for 6 months or something and get a big surprise one day.

You can even replace the AC filter each month too to make sure it gets done, and again allows you to make sure all is well. 

I will tell you that In Florida it is a PAIN to evict someone, not sure about up there.  That is something you may want to research too if you decide to do it.

Yeah thats a good idea to look into too.  Way back in the day I worked at an apartment complex and every 6 months we had to go into each apartment and change the smoke detector batteries.  That would probably be a good excuse to take a look around too.

Yup you just need to schedule the time with the renter and such but a great idea nonetheless.  Did you look around while you were there?  Not for valuables or anything, just to make sure the place wasn't wrecked?

Oh I looked around all right.  This was in like 2004-2005 and it was a section 8 housing complex.  24 or 25 buildings so it was pretty large.  I'd walk into these places and they would have big ass flat screen TVs and brand new video game systems... All sorts of stuff that I wish I could of afforded.  And of course they were living rent free.

The places were usually stuff full of crap but I don't remember seeing holes in the walls or damage to the apartment so on the bright side they didn't tear things up.

Part of my job every morning was to walk the property with a bucket and a grabber.  40s of OE, Kools and Neports for DAYS.  Buckets full.  They especially loved to smash the OE bottles on the sides of the buildings.  Most interesting find was the butcher knife in the playground sand box.

RE: So you want to be a landlord? - MiscellaneousDave - 05-28-2020

(05-28-2020, 04:23 PM)PJ Wrote: Most interesting find was the butcher knife in the playground sand box.
OMG - SAD.

RE: So you want to be a landlord? - Orion1876 - 05-28-2020

(05-28-2020, 07:32 PM)MiscellaneousDave Wrote:
(05-28-2020, 04:23 PM)PJ Wrote: Most interesting find was the butcher knife in the playground sand box.
OMG - SAD.

WoW that is so gross.   Just have to wonder what they were thinking to bring a knife out and leave it in the sand box.

RE: So you want to be a landlord? - MiscellaneousDave - 05-28-2020

Yeah and liberals love to say there is no abuse of the welfare system

RE: So you want to be a landlord? - Orion1876 - 05-28-2020

(05-28-2020, 07:51 PM)MiscellaneousDave Wrote: Yeah and liberals love to say there is no abuse of the welfare system

lol...  good point.  That whole system is in need of an overhaul.

RE: So you want to be a landlord? - MiscellaneousDave - 05-28-2020

(05-28-2020, 08:02 PM)Orion1876 Wrote:
(05-28-2020, 07:51 PM)MiscellaneousDave Wrote: Yeah and liberals love to say there is no abuse of the welfare system

lol...  good point.  That whole system is in need of an overhaul.
The thing is, they make it sound like Republicans don't want to help anyone, and that is not the case.  Even the most right leaning person that you can find doesn't think that.  I think Republicans think that people that TRULY need help should be absolutely helped.