The most prestigious law school admissions discussion board in the world.
|
 |
 
|
Gibberish how did you get into owning rental properties?
Poast new message in this thread
Date: January 24th, 2022 3:33 PM Author: Wine new version roommate How many do you have? Is it a pain in the ass? (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839717) |
Date: January 24th, 2022 3:44 PM Author: Wine new version roommate (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839776) |
|
Date: January 24th, 2022 3:47 PM Author: soggy sapphire coldplay fan nibblets guy who has repped a bunch of "mom and pop" landlords over the years (including a few now) - yes its a pain in the ass and several decided to exit the real estate game completely after owning half a dozen or more properties and seeing what a nightmare it can be (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839785) |
 |
Date: January 24th, 2022 3:49 PM Author: Wine new version roommate did they just have shitty tenants or what? (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839801) |
|
Date: January 24th, 2022 3:49 PM Author: soggy sapphire coldplay fan nibblets very shitty (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839805) |
|
Date: January 24th, 2022 3:50 PM Author: Wine new version roommate seems you could avoid this by properly vetting prospective tenants and buying property where poors won’t be renting, no? (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839812) |
|
Date: January 24th, 2022 3:51 PM Author: soggy sapphire coldplay fan nibblets sure, but most people can't afford to buy multiple high end properties. If you can, great, but keep in mind that higher end rentals have their own set of headaches (more sophisticated and demanding tenants, for one - also ability to hire decent lawyers to make your life more difficult if a problem pops up) (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839821) |
|
Date: January 24th, 2022 4:36 PM Author: contagious boiling water halford lol I had one lawyer cat lady apply and wife was excited but fuck that I didn't even entertain looking her up. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840150) |
|
Date: January 24th, 2022 4:40 PM Author: soggy sapphire coldplay fan nibblets yeah hell no to that one lol (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840173) |
|
Date: January 24th, 2022 4:43 PM Author: contagious boiling water halford I actually recall a case in law school saying the exact thing and it was all good. You do not have to rent to lawyers. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840183) |
|
Date: January 24th, 2022 4:27 PM Author: contagious boiling water halford credited
Meet them, google them, look at their cars (no dents!) and ask about hobbies and such. Our first ones were terrible and did thousands in damage when their kid rode his motocross bike in the back yard. The house is also in a very nice neighborhood.
I always look at the place as a safety valve. If our lives went to shit I could always move there and basically pay nothing for housing. House next door just sold for 5 times what I bought the hosue for. |
|
Date: January 24th, 2022 3:51 PM Author: soggy sapphire coldplay fan nibblets had an eviction in 2021 for some super deadbeat tenants, when they moved out they painted streaks all over the walls and wrote "FUCK YOU" in paint on one of the bedroom walls. We have currently not collected a dime of the $9k judgment that we got against them. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839815) |
|
Date: January 24th, 2022 3:56 PM Author: Wine new version roommate Lmao (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839854) |
|
Date: January 24th, 2022 4:01 PM Author: soggy sapphire coldplay fan nibblets we tried to do the wage garnishment route, but didn't know where they worked. My client wanted to save funds and not hire a PI, so he parked in front of their new apartment at like 4am to stake it out and see where they drove to work. Apparently the husband tenant came sprinting out of the place at like 8am, got in his car, and sped off like a bat out of hell. My client started chasing his car. Tenant was going 110mph on the highway in like a 2 door super compact Ford, zig zagging through traffic. My client said he almost got into several wrecks trying to keep up.
Tenant got off the highway and pulled into a mattress store and sprinted to unlock the door. He apparently worked there, and didn't know my client was following him.
Then we filed a wage garnishment and two weeks later the tenant was no longer working there lol |
|
Date: January 24th, 2022 4:03 PM Author: Floppy embarrassed to the bone hunting ground kitty cat can't garnish wages in Texas except for things like child support or taxes (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839912) |
|
Date: January 24th, 2022 4:03 PM Author: Trip carmine famous landscape painting pit MOAR MOAR!!!! (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839916) |
|
Date: January 24th, 2022 4:10 PM Author: soggy sapphire coldplay fan nibblets same tenant had several tenants we had to evict for dealing drugs, prostitution. He bought a lot in an "up and coming area" that he ended up selling after locals would use his lot as a trash dumping ground and he kept getting fined by the city. One time he busted the owner of the property next door literally using a bobcat to carry over trash dumped on their property onto his - BUT we had a lot of trouble identifying the owner of the neighboring property and he ignored our notices. Almost sued but client decided otherwise. He eventually put up a chain link fence around the entire property and people still tore it down and dumped trash all over the place. He got fined thousands of dollars and finally sold it in disgust. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839952) |
|
Date: January 24th, 2022 4:11 PM Author: Floppy embarrassed to the bone hunting ground kitty cat why would you evict tenants for prostitution? (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839956) |
|
Date: January 24th, 2022 4:15 PM Author: soggy sapphire coldplay fan nibblets other tenants in the building were worried about the "clientele" that was lurking around the prostitution den (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839986) |
|
Date: January 24th, 2022 4:36 PM Author: Floppy embarrassed to the bone hunting ground kitty cat FUCK YOU BRO (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840153) |
|
Date: January 24th, 2022 4:28 PM Author: contagious boiling water halford lol (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840090) |
|
Date: January 24th, 2022 4:11 PM Author: Wine new version roommate Lmfao (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839960) |
|
Date: January 24th, 2022 4:30 PM Author: contagious boiling water halford We lived in our rental as a starter house and know everyone one on the street. They're my spies. Fella across the street is a very good friend of mine. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840101) |
|
Date: January 24th, 2022 4:30 PM Author: soggy sapphire coldplay fan nibblets I think my neighbors are pissed off that I moved out and am renting it now. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840107) |
|
Date: January 24th, 2022 4:34 PM Author: contagious boiling water halford Owners on a street do not like renters moving in. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840133) |
|
Date: January 24th, 2022 4:04 PM Author: Wine new version roommate (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839922) |
|
Date: January 24th, 2022 4:32 PM Author: Dead stag film do you think the guy was just late for work or something? (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840121) |
|
Date: January 24th, 2022 4:34 PM Author: soggy sapphire coldplay fan nibblets that's what we figured happened. He almost killed several people on the way to work though. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840137) |
|
Date: January 24th, 2022 5:32 PM Author: Curious Mahogany Associate Seems easier method would be to just stick an airtag on the car.
Also, does your state not have debtor exams, where they have to appear and provide info re: accounts, employment, etc? |
|
Date: January 24th, 2022 3:59 PM Author: Laughsome rose stead multi-billionaire (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839882) |
|
Date: January 24th, 2022 4:14 PM Author: aromatic ocher resort ladyboy How do people make money by owning rental properties? i feel like the rent almost never fully covers the mortgage plus all this nonsense, and the price appreciation will always be inadequate. Is being a mom and pop landlord boomer flame? (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839979) |
|
Date: January 24th, 2022 4:17 PM Author: soggy sapphire coldplay fan nibblets I know some that do very well with it. Just gotta know what you are doing, and especially have a process down for keeping upkeep fees as low as possible (i.e. having a hookup wiht a reliable and cheap handyman).
I own a rental property and its been pretty good (make about an 80% profit every month over my mortgage) and the appreciation has been great. But 2021 had two major expenses that ate up pretty much all of my annual profit lol. |
|
Date: January 24th, 2022 4:28 PM Author: contagious boiling water halford I think the best plan would be to do this fulltime and have a nice roster of houses. It helps if you're handy and can do most projects yourself. Tools being a tax write off is always nice too. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840079) |
|
Date: January 24th, 2022 4:31 PM Author: mint state Quite the opposite.
In my hometown in NJ, I could buy a 400k house that with mortgage and taxes would be like $2500/mo, and could rent it for $3,500-$4,000/month. |
|
Date: January 24th, 2022 4:35 PM Author: contagious boiling water halford Yeah, this is nuts. Some people just don't want to own and like being able to call someone when something breaks. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840142) |
|
Date: January 24th, 2022 4:38 PM Author: mint state Cr. Never met a homeowner that didn't complain about cost of upkeep and having to replace roofs, hot water tanks, etc. Endless.
I think as Boomers retire, and they have money and don't want stress, we will see home rentals sky rocket. |
|
Date: January 24th, 2022 4:42 PM Author: contagious boiling water halford thats exactly the dude I have now. He owns two other houses himself. But he always tries to fix it before calling. I don't know if politics is always a good determiner but I've had much better luck with conservative renters. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840179) |
|
Date: January 25th, 2022 8:55 AM Author: aromatic ocher resort ladyboy how do you know your renters' politics? (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43843238) |
|
Date: January 25th, 2022 10:19 AM Author: contagious boiling water halford I know almost instantly. One guy mentioned bow hunting. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43843689) |
|
Date: January 24th, 2022 4:15 PM Author: pungent violent kitty Have you tried grilling dog meat outside his place? That’s what gibberish does and the smell drives the deadbeat crazy (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43839989) |
|
Date: January 24th, 2022 4:25 PM Author: excitant trump supporter house (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840055) |
|
Date: January 24th, 2022 4:28 PM Author: contagious boiling water halford (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840083) |
|
Date: January 24th, 2022 4:23 PM Author: contagious boiling water halford lol I wish it was plural. Its just our old house. I'm too cheap for a prop manager. I basically do everything myself, including septic system repairs the day after Christmas. Most are relatively simple but you have to be accountable. And yes, it can very much be a pain, but it brings in $1500 a month now cash and is nearly paid off.
Biggest factor here are your tenants. Avoid people with kids at all costs, especially teen age boys, etc. Check credit scores and background checks are real. Current ones are amazing and we could probably up the rent a couple hundred for the area but I don't care. Dude is a bowhunter and retired. Thats all I needed to know. And they paid through the pandemic.
We've been renting it for about 15 years now and I just figure anything I haven't replaced will need to be replaced very soon. I write all of this off and have always shown a loss. Basically anything I buy at home depot is for my rental. I'd like to add a couple more.
A great resource is the state landlords association. Very much worth the membership just for the forms.
I've seen pretty much anything so ask me whatever you want to know. |
|
Date: January 24th, 2022 4:29 PM Author: mint state I'm impressed you do all the repairs and stuff on your own. That would be the biggest PITA I imagine.
What type of area is house in? Upscale suburb of large city? |
|
Date: January 24th, 2022 4:33 PM Author: contagious boiling water halford I HATE HATE HATE plumbing. You never know if a leak will come up later and you have to go back etc.
Only things I have paid for are a new septic field and a new electrical box. Otherwise I do everything. I ran all new irrigation this summer. Its helped me build up knowledge and shown me the benefit of having nice tools. THat said, I'm worried now I'm jinxed and will get a call from the renters soon.
We were also sued once about a year and a half ago. Still have not heard back on that but we carry big insurance and an umbrella policy over a million. |
|
Date: January 24th, 2022 4:35 PM Author: mint state I have friends that are small time NYC landlords, they do very, very well, but also deal with shit like a restaurant that went out during COVID that owes them 250k but won't pay them. It seems like a nightmare to have to chase people legally. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840148) |
|
Date: January 24th, 2022 4:36 PM Author: contagious boiling water halford I don't even try. I'll even give back their full deposit just to get them to gtfo. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840157) |
|
Date: January 24th, 2022 4:37 PM Author: soggy sapphire coldplay fan nibblets I had a nightmare leak from a bathroom upstairs to the room below in 2020 that I paid to patch up, and I paid to replace the entire shower in 2021. All in spent over $10k on that shit. Just kept having problems with it after we thought it was fixed. (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840158) |
|
Date: January 24th, 2022 4:40 PM Author: contagious boiling water halford Plumbing is easier now that they use that flex shit but fuck do I hate it. Always expect a call back. I dropped $20k on a new septic field, but it was overdue. Now that you mention it, the shower is one thing I have not replaced so I probably will have to soon. thanks (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840171) |
|
Date: January 24th, 2022 4:41 PM Author: Hyperactive big sanctuary he's a filthy kike, it's in his blood (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840174) |
|
Date: January 24th, 2022 4:44 PM Author: contagious boiling water halford lol no pure goy mr fix it here (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840187) |
|
Date: January 24th, 2022 4:48 PM Author: Hyperactive big sanctuary like i said, a jew (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840208) |
|
Date: January 24th, 2022 5:33 PM Author: Flirting harsh antidepressant drug 180 (http://www.autoadmit.com/thread.php?thread_id=5015740&forum_id=2#43840525) |