U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 08-21-2008, 09:58 AM
 
13,132 posts, read 23,443,330 times
Reputation: 7389
Default Thoughts on Renting and Rental Property

Quote:
Originally Posted by decafdave View Post
Wow, I never knew how much power tenants have. I was always under the impression you could give them a week to get out with the threat of the police. It seems the legal process is designed to help the tenant not the landlord. But I guess even with a cash offer occasionally renting must be a great source of income-plus the renters are just giving you $ for your mortgage and getting nothing in return.
In my experience as both Renter and Landlord... I will have to disagree that Renters are getting nothing in return for the money paid in rent... they are getting a place to call home.

Renting allows people to live in neighborhoods and school districts they could otherwise not afford.

Renting requires no long term commitment, general month to month up to a year with a lease.

Renting requires little financial commitment to the property other than the rent. Maintenance and wear and tear repairs are the responsibility of the owner.

Renting is often a lifestyle choice. Living in the Bay Area, I know many that could easily afford to buy and choose to rent because they value the freedom of not being tied down.

If Renting property were as lucrative as some seem to think... there would be little to no foreclosed residential property... the owner would simply need to rent to cover the expenses and bank the left over $

There are many laws and agencies to protect consumers from business in the United States... arguments can be made that we either have too many or too few laws.

Renting Property is a business and as a business the onus is on the Owner to know and comply with myriad of rules and regulations...

Oh, and don't forget jurisdictions with rent control...
Reply With Quote Quick reply to this message

 
Old 08-21-2008, 09:55 PM
 
Location: Fort Myers, FL
1,286 posts, read 1,851,565 times
Reputation: 247
Quote:
Originally Posted by decafdave View Post
Wow, I never knew how much power tenants have. I was always under the impression you could give them a week to get out with the threat of the police. It seems the legal process is designed to help the tenant not the landlord. But I guess even with a cash offer occasionally renting must be a great source of income-plus the renters are just giving you $ for your mortgage and getting nothing in return.
it just depends on the state laws and the contract. here in florida, tenants are allowed 1 late payment. once the 2nd payment is late all you have to do is file at the court for eviction and the sheriff stops by and gives them 14 days to vacate.

people do trash places, but that is why you take the max allowable deposit. (couples are always more responsible then single men). over the years i have obtained land lots and been offered vehicles from tenants who haven't paid, trying to make it right. ive let them do work to make up for it. most people arent bad renters. you just hear about the bad renters. but out of roughly 150 tenants ive only had to go to court 3 times becuase of excessive damage. 2 of the tenants damage was from there kids being unsupervised, painting walls, applicances and burning the carpet. i have to admit its funny now to think back and remmeber all the child hand prints all over the house in different colors.

oh yea and you dont have to make a positive rental to make money. there is a lot of depreciation in homes. they are tax havens. not as good as commercial buildings but they work well known the less. i know a lot of people who use horses for tax shelters. i prefer something that appreciates.
Reply With Quote Quick reply to this message
 
Old 08-22-2008, 12:07 AM
 
Location: Olympus Mons, Mars
2,535 posts, read 4,038,434 times
Reputation: 1925
Quote:
Originally Posted by Driller1 View Post
A few times, yes. Just my equipment is worth over a million.
hey, should I confirm this with the ladies?
Reply With Quote Quick reply to this message
 
Old 08-22-2008, 11:33 AM
 
13,132 posts, read 23,443,330 times
Reputation: 7389
Quote:
Originally Posted by k374 View Post
hey, should I confirm this with the ladies?
I believe Driller is a woman
Reply With Quote Quick reply to this message
 
Old 08-22-2008, 03:32 PM
 
19,358 posts, read 15,056,158 times
Reputation: 7856
Quote:
Originally Posted by Ultrarunner View Post
I believe Driller is a woman
Yes, I am. That was funny........
Reply With Quote Quick reply to this message
 
Old 08-22-2008, 10:56 PM
 
336 posts, read 819,180 times
Reputation: 217
I worked hard all my life and have 5 kids. I have all of 80$ in the bank so all you millionaires can just ****. I made your money so can it.
Reply With Quote Quick reply to this message
 
Old 08-22-2008, 11:10 PM
 
Location: Chi town
50 posts, read 93,733 times
Reputation: 21
I will not say exactly how much I am worth, but it is in the eight-figure range, and I'd be happy to tell you how I did it before age 30.
I started a small sheet metal fabrication plant in the west suburbs of Chicago at age twenty, after I left college. I brought in an annual revenue of about $12 million with a 35% profit margin by my sixth business year. By then I had enough money put away to buy out another sheet metal fabrication business, I built that up and had a merger, I repeated that process two times before I turned twenty-eight. By then our revenue was about $30 million annually.
Then I decided to create other branches of my company, mainly R&D so far, so I bought out small research companies, sewed them together, and created another multi-million dollar income source. I now live in the city of Chicago and live a luxurious and relaxed life. I do, however, somewhat regret spending the best years of my life, cooped up in an office more stressed than most people can imagine. I'm now 34 and have and annual income upside of seven figures, and have recently decided to go back to college, to get a degree in architecture.
Believe me when I say, if you have a dream, you can accomplish it, but there will be some regret later in life if you try to rush it like I did.
Reply With Quote Quick reply to this message
 
Old 08-22-2008, 11:25 PM
 
Location: Chi town
50 posts, read 93,733 times
Reputation: 21
berries, in many ways I envy you, I have no children, no wife, and it's hard to pick out the people who actually care for you and who just wants to get something out of a relationship. Also I am offended when people like you, claim to have something to do with my success, or claim I got lucky. I got where I am by giving up my prime years to work 60+ hours weekly.
Reply With Quote Quick reply to this message
 
Old 08-23-2008, 01:52 AM
 
Location: Bethesda
2,696 posts, read 3,948,868 times
Reputation: 1100
Quote:
Originally Posted by berries View Post
I worked hard all my life and have 5 kids. I have all of 80$ in the bank so all you millionaires can just ****. I made your money so can it.
You don't need money to lead a rewarding life and thankfully most people in your shoes aren't as bitter. There's no point in getting caught up in blaming others for your own financial shortfalls-you reap what you sow.
If it makes you feel any better I'm no millionaire either.
Reply With Quote Quick reply to this message
 
Old 08-23-2008, 02:05 AM
 
Location: Bethesda
2,696 posts, read 3,948,868 times
Reputation: 1100
Quote:
Originally Posted by JDR1837 View Post
I will not say exactly how much I am worth, but it is in the eight-figure range, and I'd be happy to tell you how I did it before age 30.
I started a small sheet metal fabrication plant in the west suburbs of Chicago at age twenty, after I left college. I brought in an annual revenue of about $12 million with a 35% profit margin by my sixth business year. By then I had enough money put away to buy out another sheet metal fabrication business, I built that up and had a merger, I repeated that process two times before I turned twenty-eight. By then our revenue was about $30 million annually.
Then I decided to create other branches of my company, mainly R&D so far, so I bought out small research companies, sewed them together, and created another multi-million dollar income source. I now live in the city of Chicago and live a luxurious and relaxed life. I do, however, somewhat regret spending the best years of my life, cooped up in an office more stressed than most people can imagine. I'm now 34 and have and annual income upside of seven figures, and have recently decided to go back to college, to get a degree in architecture.
Believe me when I say, if you have a dream, you can accomplish it, but there will be some regret later in life if you try to rush it like I did.
How long ago was this if you don't mind me asking? And how did you actually get started-I mean did you already know people who could supply you with metal? What was your business based out of?

My apologies for the annoying question but hey-thats the price for starting your own business at 20.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $79,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top