The Joy's Of Owning Rental Property

[James 3528]

The 2 love birds that lived here in one of my rentals are back in Michigan now. They just left the contents of the house behind and a car. The house was trashed inside the batteries were even taken out of the smoke detectors. Net cost to me so far is $1,375.00 and still going up. The only bright side so far is that when I went to buy some paint for the house, the girl that worked there rented it. She also said if I bought the paint, she would paint the house.

[coolwhip]

Thats funny that they have all that duct tape on the bumper I wonder if they watch the Red Green show.

[LGM]

I had one in 2003 that left me with about $4,300 in repairs. Section 8..........can't get blood from a turnip.

[James 3528]

I won't do section 8. No way.

[Dowadudda]

I just want to make a point about the fact there are god people from Michigan too.

[James 3528]

Originally posted by Dowadudda
I just want to make a point about the fact there are god people from Michigan too.

I think you meant "good" people in Michigan. I know they are. I have met some.

These two winners were students of drug court here and had there kids taken away from them. I should note that this was the result of alcohol and drugs abuse. She left him first and then he followed her back. I wish her the best because I think she was really trying. I wish she would of called me because the day she came to me with 2 babies at her feet, I looked the other way on some things and let her have the house, not him.He on the other hand was pretty bad but that appears to be more and more what they get hooked up with now adays. You learn a lot about people when you are putting their stuff in a dumpster. I had no choice.

[Edited by JAMES 3528 on 01-17-2006 at 12:50 PM]

[t527ed]

i have had a couple tennants burn me but overall rental property has been good for the 23 yrs i have owned it. 2 of my 3 tennants are sec 8, they keep units cleaner than most before them did. trying to find another property now.

[smokin68]

Isn't section 8 where you're at least guaranteed your rent from the gov?

[Dowadudda]

How the heck do you buy another house to rent it out. I got great credit, and I have contacts at the bank I bank with. But to me, I am going to have to show income to get another mortage for another home I wish to rent out. How did you guys gent into that.

Can you just go in and tell them your doing the to rent it out? Seriously. I was talking to my guy at the bank a few weeks ago about other things, I wished I had asked him.

[James 3528]

A friend of mine rented section eight. The inspectors told him to replace the window and door screens. He did at a huge cost to him on a Friday. By the following Tuesday the screens were torn out again and she was back telling him to replace them again. He said no and sold the house.

[James 3528]

Originally posted by Dowadudda
How the heck do you buy another house to rent it out. I got great credit, and I have contacts at the bank I bank with. But to me, I am going to have to show income to get another mortage for another home I wish to rent out. How did you guys gent into that.

Can you just go in and tell them your doing the to rent it out? Seriously. I was talking to my guy at the bank a few weeks ago about other things, I wished I had asked him.

The house itself secures the loan with a small down payment. The key is buying the house at a good price and showing the bank an appraisal that is higher. When you are liquid and generating enough income you can just buy the houses.

[Green Mountain]

The commercial property that I own isn't too bad. But I had a duplex residential once. It was like someone took a load of bricks off of my shoulders when I sold that place.

One time when they moved (owen me rent), they took the kitchen cabients and the plywood floor off of the back porch.

[Dowadudda]

So you just go in and say you want to do this and then if the house value is such and you want borrow based on that. They do that just that way hey? I gotta go check this out.