Who's in the rental house business?

[buffalosoldier]

Do not be suprised to come in and find your tenents, appliances, and fixtures missing.
Background, credit checks, deposits, regular inspections, and well written leases are critical.
good luck

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[PhoenixM3]

You just put the wires back. 20 min work.


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Yeah, but there are cameras everywhere, and you you have to consider that You’d be blowing up some of your own appliances too.

 

[PhoenixM3]

Do not be suprised to come in and find your tenents, appliances, and fixtures missing.
Background, credit checks, deposits, regular inspections, and well written leases are critical.
good luck

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Exactly.

 

[ford fanatic]

We rented my wife's townhouse for about 4-5 years after she moved in with me and we got married. Had friends rent it for the first couple years then had a company screen for our next tenant.

No real issues but we had to ad $100 to the rent to make the mortgage payment. Only reason we rented was to get the house on the upside, so we could sell and at least break even. We gave up and ended up short selling just to be done with the hassle.

All and all, if I was making some descent money every month i'd give it another go.

 

[GT350R]

I've done it for about 10 years. 17 houses Thirty units.

We use a TransUnion service for background checks. Then I creep social media , and search court dockets myself.

The hardest part. is not falling in love with your house. If you have an emotional attachment you take things personally. If you don't take it personally it's just math. More money in then goes out.

Property management companies can be key to buying properties out of the area. Urban cheap properties can be lucrative but high-risk. Cheap country properties can be cheap but hard to rent. The middle area of sensible properties are filled with people that are smarter and have money for a lawyer fees. You might have fewer eviction but the ones you do have are far harder.

The biggest thing to know is your monthly nut. What does that property cost you per month. Noun fees and projected. Known would be property tax Insurance Etc. Projected would be big ticket maintenance such as roof Windows furnace hot water heater.

Going in you need to know what your investment strategy is. Are you looking for an asset wealth? Or are you looking for monthly income.

 

[JetmechF16]

Man hearing some of the stories in here probably would have made me sell my first home instead of turn it into a rental. I guess I just got lucky buying a cheap house in a high rental neighborhood in League City. 3/2/2 1400 sq ft single family, monthly escrow is $802, it rents for $1600/month. I used Zillow to list and had dozens of inquiries in the first week. LOTS of "tire kickers" that self-identify a 400 credit score and yearly income of $20k that you have to wade through.

I just wish I had been in a position to buy more rentals after Harvey. Most of the houses in that neighborhood, including mine, had about 1 foot of water in them. Doing most of the work myself it cost me about $7.5k (no flood insurance) to replace flooring, 2' of drywall and insulation, bathroom vanities, etc. Lots of people sold gutted houses for pretty cheap after they got their FEMA payout.

I've had the same tenants for the past couple of years and they have been great. Transunion has a great background checking site and I used legalcontracts.com for my lease agreement. Also be sure to get rental references and make some phone calls.

 

[GodStang]

Be Wary of PM and check on their work. We had a high end local one that was charging to fix items that they never fixed. They would say oh ceiling fan needs to be replaced. Charge $100 for new fan and $100 to install. Then 4 years later when that person moves out and you go the check the house their was no fan installed. They do a lot of small charges like that over the years and the make $$$.

 

[lilcoop03]

Be Wary of PM and check on their work. We had a high end local one that was charging to fix items that they never fixed. They would say oh ceiling fan needs to be replaced. Charge $100 for new fan and $100 to install. Then 4 years later when that person moves out and you go the check the house their was no fan installed. They do a lot of small charges like that over the years and the make $$$.

Well that's just straight robbery.

 

[ssssnake]

I purchased two homes for rental. One in Las Vegas during the real estate drop, and one in Jacksonville, Florida which was a section 8. That one was a fiasco. I sold it at a loss. The Las Vegas house has been rented by the same person since I bought it (some guy that used to be a mod here ). I have no problems with that one, he maintains it and lets me know if there are any problems). I have to have a property manager since they were purchased through my IRA, but it's only 10% of the rental amount, and it saves you the headache. My father had about 5 or 6 rent houses. It was good for him because they were local, and he could fix everything.

 

[PhoenixM3]

My wife bought her first place in ‘88 right before we met. I was in San Diego for an Advanced Electronics “C” school, met her, and I thought she’d be my summer fling. Long story short, we married in ‘90, bought a second place in San Diego in ‘93, but kept them after we got assigned to go overseas. They were great rental properties, and with only a couple exceptions, managed them ourselves.

We had always wanted land, which is something we couldn’t afford in SOCAL, aside from the desert (which we hate). We chose Colorado several years before purchasing our first property there. Soon after, we sold the properties in San Diego and bought twice as many in Colorado due to equity and cost per square foot. We used a 1031 to avoid capital gains, and this income will carry us into retirement, whenever that comes.

 

[GT350R]

I would never agree to something like that. If they want to ceiling fan they can buy it and they can pay to put it in. Only if I authorize it.
If a light fixture breaks, I replace the light fixture. If a ceiling fan breaks, I'll do everything I can to put in a normal light fixture instead of another ceiling fan. But I'm not going to pay someone else to work on one of my houses. If I do, it's going to be my worker not theirs.

Be Wary of PM and check on their work. We had a high end local one that was charging to fix items that they never fixed. They would say oh ceiling fan needs to be replaced. Charge $100 for new fan and $100 to install. Then 4 years later when that person moves out and you go the check the house their was no fan installed. They do a lot of small charges like that over the years and the make $$$.

 

[GodStang]

I would never agree to something like that. If they want to ceiling fan they can buy it and they can pay to put it in. Only if I authorize it.
If a light fixture breaks, I replace the light fixture. If a ceiling fan breaks, I'll do everything I can to put in a normal light fixture instead of another ceiling fan. But I'm not going to pay someone else to work on one of my houses. If I do, it's going to be my worker not theirs.

Oh I agree. The one we had growing up we did all the work. One year we spent driving an hour to install a new fridge for them cause are tenets fridge went out. The PM my buddy uses locally though makes you pay all these fees and the do all the maintenance. I am just saying if you are looking into getting one and plan to use a PM make sure if they charge you for something you see it go in.

 

[Adower]

I had a rental for about 7 months. Didn’t like the hassle of it. Sold it and put all the profit in a vanguard fund.

 

[whipple1raptor]

I'm about to get into this as well... Too much money to be made to not try. My fear is a bad tenant...


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[GT350R]

Anyone use this service?

Free Landlord Software: Rental Listings, Tenant Screening & More | Avail

I was put on to it recently by friend. He uses it in loves it. He makes all of his tenants go through the service. They send payment reminders and can't even hit someone's credit for late payments. It has the ability to process credit card payments through it and everything. Using a monthly report and can check on the status of each individual tenant. Has the ability to list, screen and maintain tenants.

 

[nxhappy]

any do air b and b ???

 

[JZNYCRealEstate]

I own four investment properties across Ohio, Pennsylvania, and South Carolina, and I do residential sales as a broker in NYC for a living.

I’ve got 14 doors across all four buildings and average about a 8.6-8.8% net cap rate across the portfolio.

Anything you want to know about investing - I’m happy to help. It’s not easy - it’s not a “get rich quick” game, but you can become extremely wealthy over a long period of time if you buy right.

REI is what I know and love best. So anything you’d like to know, happy to help.


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