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  1. #14
    Join Date
    Nov 2000
    Location
    Coastal Georgia
    Posts
    34,902
    treat them right and they should treat you the same.

    You have not been a lanlord long, have you ?

  2. #15
    Join Date
    Feb 2004
    Location
    chicago suburbs
    Posts
    4,422
    4 years so far..... so good. minimal headache. i have heard horror stories though. i was taught that the higher the rent the better the tennant. i'm sure that is not always true. but the rents are pretty high around here and one of my tenants earns $125k+/yr. the other lost his job in the computer field and wound up at a different job and selling his house (which was worth more than mine) and downsizing and kinda
    re-grouping. i guess what im saying is make sure you have the right people in there. follow your head and not your heart on this.
    FILL OUT YOUR PROFILE!!

  3. #16
    Join Date
    Mar 2003
    Posts
    7,321
    the best thing i ever did was to hire a broker. they will screen, manage, take the late night calls, dispatch service people etc. they take a decent cut, but they also raise rent when appropriate and do a pretty decent job. in the end you get a check every month and piece of mind.

  4. #17
    Join Date
    Feb 2004
    Posts
    2,458
    Don't ever trade work for rent. If you rent to a painter get a price from him, you pay him he pays you. This normally keeps them honest.

  5. #18
    Join Date
    Mar 2003
    Location
    Cincinnati
    Posts
    7,977
    Originally posted by flange
    the best thing i ever did was to hire a hooker. they will screen, manage, take the late night calls, dispatch service people etc. they take a decent cut, but they also raise rent when appropriate and do a pretty decent job. in the end you get a check every month and piece of mind.
    We were not talking about an escort service Flange.

  6. #19
    Join Date
    Apr 2004
    Location
    Bartlett, IL
    Posts
    6,619
    Originally posted by James 3528

    Buying property and flipping it looks like less hassle now.
    You're right there, it is. All you need is a little $$$ and you're good to go. Renters for the majority suck!!
    I do a lot of work for building managers that charge a pretty good penny for rent, and these people still live like slobs.

  7. #20
    Join Date
    Mar 2005
    Location
    burlington county n.j.
    Posts
    9,741
    i have owned my tri-plex since 1981. bought it as the cheap way out of mom and dads, lived in 1 rented other 2. have only had a couple problem tennants. found that pricing out the trash is the best way to go, also the extra money don't hurt either. have never done credit checks or talked to prior landlords,always went by gut feeling. only one burnt me for rent was a friggin friend, no more friends. make it clear from the start i am not your friend, buddy or social worker, i am your #1 bill every month if you want a roof over your head. building clears over 1k per month and has appriciated from 48k to over 300k. looking for another but prices around here have gone nuts.

  8. #21
    Join Date
    Feb 2004
    Location
    chicago suburbs
    Posts
    4,422
    Originally posted by 2hot2coolme
    Originally posted by James 3528

    Buying property and flipping it looks like less hassle now.
    You're right there, it is. All you need is a little $$$ and you're good to go. Renters for the majority suck!!
    I do a lot of work for building managers that charge a pretty good penny for rent, and these people still live like slobs.
    good luck finding anything around us to flip. i've been looking all summer for something with some meat left. everything is priced waaaaaaaaay to high. by the time you figger in $$$$$ to fix and the realtor fees.....there's nothing leftover for your trouble. anything worth flipping is gobbled up by the realtors.
    FILL OUT YOUR PROFILE!!

  9. #22
    Join Date
    Apr 2004
    Location
    Bartlett, IL
    Posts
    6,619
    Originally posted by tinner73
    Originally posted by 2hot2coolme
    Originally posted by James 3528

    Buying property and flipping it looks like less hassle now.
    You're right there, it is. All you need is a little $$$ and you're good to go. Renters for the majority suck!!
    I do a lot of work for building managers that charge a pretty good penny for rent, and these people still live like slobs.
    good luck finding anything around us to flip. i've been looking all summer for something with some meat left. everything is priced waaaaaaaaay to high. by the time you figger in $$$$$ to fix and the realtor fees.....there's nothing leftover for your trouble. anything worth flipping is gobbled up by the realtors.
    I buy pre-construction new property, & flip them.
    I've pulled in about 68K in one year on 2 homes.
    All it took was a little spare change I had to invest with.
    Buying "fixeruppers" are too hard to find nowadays.

  10. #23
    Join Date
    Apr 2001
    Location
    Camel City, NC
    Posts
    6,233

    Rental Prop.

    Have two empty now. When the interest rate went down the good renters bought houses. Guess whats left. Sh**t to clean up by the truck load. You loose some times.
    Be safe not fast. body parts don't grow back

  11. #24
    Join Date
    Jan 2003
    Location
    San Jose, Ca
    Posts
    2,089
    Rental property is a good investment if you have done your due dilliagence.

    You make money more then one way.
    rent
    deprication (tax savings)
    apprication.

    Land values are going up every where. If you put 20% down on a property and it goes up 5% your rate of return is 25% not a bad rate of return.

    but you do need to educate your self. Depending on your state. In Calif the laws are loaded towards the tennant. I have my team together, Property management Co., tax guy, lawyer, and advissors. Oh yes I suggest joining the appartment association in your area.
    Len
    Old snipes don't die they just loose their steam

  12. #25
    Join Date
    Apr 2001
    Location
    Camel City, NC
    Posts
    6,233
    Let me say this is the only time in over 10yrs. there were problems with a renter. The thing that bothered me the most is that there were drugs a single mom and small children involved. Social Services said they could not do anything about peoples lifestyle. If there was no abuse or neglect involved they could do nothing. What a shame. Snipe70e is right, done correctly it's a good investment.

    [Edited by selfemployed on 10-06-2005 at 08:52 AM]
    Be safe not fast. body parts don't grow back

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