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09-30-2020 | 07:04 PM
#81
Prime Minister/Moderator
Joined: Jan 2006
Posts: 45,132
Likes: 797
From: Engines Turn or People Swim
09-30-2020 | 09:40 PM
#84
Gets Weekends Off
Joined: Aug 2015
Posts: 2,635
Likes: 582
From: Guppy Gear Slinger
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...
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...
10-01-2020 | 02:49 AM
#85
Gets Weekends Off
Joined: Feb 2012
Posts: 4,601
Likes: 0
From: CRJ FO
I have had wonderful success with my rentals. Not a one has had even a single issue with a late payment over the years.
The key I’ve found is to focus on single-family homes in good school districts. I like 3/2 and 4/2 homes that are at least 1700sqft. Sure, you pay more for them up front but they pay dividends on the back end. Average mortgage is $1500 with 20% down on one. Average rental price is $2500 to $3000 /month in my area.
Tenants who can afford that usually make money and generally care about things like their credit score and ability to continue renting nice properties. We carefully screen based on credit score, income, and background history. No issues.
The key I’ve found is to focus on single-family homes in good school districts. I like 3/2 and 4/2 homes that are at least 1700sqft. Sure, you pay more for them up front but they pay dividends on the back end. Average mortgage is $1500 with 20% down on one. Average rental price is $2500 to $3000 /month in my area.
Tenants who can afford that usually make money and generally care about things like their credit score and ability to continue renting nice properties. We carefully screen based on credit score, income, and background history. No issues.
10-01-2020 | 03:32 AM
#86
Gets Weekends Off
Joined: Mar 2017
Posts: 4,176
Likes: 158
I have had wonderful success with my rentals. Not a one has had even a single issue with a late payment over the years.
The key I’ve found is to focus on single-family homes in good school districts. I like 3/2 and 4/2 homes that are at least 1700sqft. Sure, you pay more for them up front but they pay dividends on the back end. Average mortgage is $1500 with 20% down on one. Average rental price is $2500 to $3000 /month in my area.
Tenants who can afford that usually make money and generally care about things like their credit score and ability to continue renting nice properties. We carefully screen based on credit score, income, and background history. No issues.
The key I’ve found is to focus on single-family homes in good school districts. I like 3/2 and 4/2 homes that are at least 1700sqft. Sure, you pay more for them up front but they pay dividends on the back end. Average mortgage is $1500 with 20% down on one. Average rental price is $2500 to $3000 /month in my area.
Tenants who can afford that usually make money and generally care about things like their credit score and ability to continue renting nice properties. We carefully screen based on credit score, income, and background history. No issues.
Credit score, no BK's, 3 times the monthly rent in income and a months rent security deposit. We had three different tenants in there and every one of them was awesome. You just have to be choosy on who you rent to, not to mention we had a management company that took their job seriously, vetting any renter well.
10-01-2020 | 05:21 AM
#87
Gets Weekends Off
Joined: Sep 2019
Posts: 1,538
Likes: 0
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...
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.
10-01-2020 | 06:05 AM
#88
Gets Weekends Off
Joined: Mar 2020
Posts: 394
Likes: 0
Concur. I have two friends who are stuck with tenants who aren’t paying rent yet can’t be evicted. They both plan to sell as soon as this blows over. They barely made any money (other than equity, obvi) over the years due to repairs, maintenance, damage, etc. Not worth it from a cash flow standpoint.
I think you’re going to see a decline in housing prices as people start putting their rentals up for sale, flooding the market—which is going to result in fewer rentals, exacerbating the housing crisis for those who can’t afford to buy.
I’m starting to see the far reaching effects of C19, and I don’t like what im seeing.
I think you’re going to see a decline in housing prices as people start putting their rentals up for sale, flooding the market—which is going to result in fewer rentals, exacerbating the housing crisis for those who can’t afford to buy.
I’m starting to see the far reaching effects of C19, and I don’t like what im seeing.
10-01-2020 | 07:44 AM
#89
Line Holder
Joined: Mar 2005
Posts: 413
Likes: 8
I have had wonderful success with my rentals. Not a one has had even a single issue with a late payment over the years.
The key I’ve found is to focus on single-family homes in good school districts. I like 3/2 and 4/2 homes that are at least 1700sqft. Sure, you pay more for them up front but they pay dividends on the back end. Average mortgage is $1500 with 20% down on one. Average rental price is $2500 to $3000 /month in my area.
Tenants who can afford that usually make money and generally care about things like their credit score and ability to continue renting nice properties. We carefully screen based on credit score, income, and background history. No issues.
The key I’ve found is to focus on single-family homes in good school districts. I like 3/2 and 4/2 homes that are at least 1700sqft. Sure, you pay more for them up front but they pay dividends on the back end. Average mortgage is $1500 with 20% down on one. Average rental price is $2500 to $3000 /month in my area.
Tenants who can afford that usually make money and generally care about things like their credit score and ability to continue renting nice properties. We carefully screen based on credit score, income, and background history. No issues.
10-01-2020 | 07:48 AM
#90
Prime Minister/Moderator
Joined: Jan 2006
Posts: 45,132
Likes: 797
From: Engines Turn or People Swim
I have had wonderful success with my rentals. Not a one has had even a single issue with a late payment over the years.
The key I’ve found is to focus on single-family homes in good school districts. I like 3/2 and 4/2 homes that are at least 1700sqft. Sure, you pay more for them up front but they pay dividends on the back end. Average mortgage is $1500 with 20% down on one. Average rental price is $2500 to $3000 /month in my area.
Tenants who can afford that usually make money and generally care about things like their credit score and ability to continue renting nice properties. We carefully screen based on credit score, income, and background history. No issues.
The key I’ve found is to focus on single-family homes in good school districts. I like 3/2 and 4/2 homes that are at least 1700sqft. Sure, you pay more for them up front but they pay dividends on the back end. Average mortgage is $1500 with 20% down on one. Average rental price is $2500 to $3000 /month in my area.
Tenants who can afford that usually make money and generally care about things like their credit score and ability to continue renting nice properties. We carefully screen based on credit score, income, and background history. No issues.
In my location I'll never, ever have to worry about low demand, but long-term rent control might be an issue.
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