Originally Posted by
Turbosina
Yeah? Me too.
11 rental units in 2 states. So far this year, 3 nasty evictions (places were absolutely destroyed), which wiped out any hope of return on investment. As of tomorrow, 3 of the 11 units are vacant. Thank heavens that 10 of the 11 units are in a state that allows evictions, and as we hold no mortgages on these properties, the Federal eviction ban did not apply.
What's infuriating is that none of these tenants responded to any of our management company's offer to discuss mitigated rent. Just ignored repeated requests for a discussion and trashed the places.
So...yeah. People crack me up when they talk about just becoming a landlord and raking in profits. Not this pilot...
I would personally use the strong sales market right now to exit the rental business. I got out in the strong market of 2006 and never looked back. If you study a little bit of the demographics in the future it is scary for rentals. Like most of the developed world our birth rate is below replacement. Without unencumbered immigration our population will shrink in the coming decades while the boomers retire to smaller homes and slowly pass away.