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Old 01-31-2010, 04:52 PM
 
9,680 posts, read 23,500,644 times
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Quote:
Originally Posted by lovebrentwood View Post
It's not easy being a landlord, especially when trying to find good tenants.

If he goes through it, I can't recommend this group highly enough: TAA (the Triangle Apartment Association).

As part of your membership, you'll be able to purchase inexpensive rental forms that have been reviewed by a lawyer who specializes in housing/tenant laws.

You also have an opportunity to purchase background checks at a reduced rate. You get a simple "grade" back on the tenant that states how probable that the tenant will pay and pay on time.

The association also provides regular seminars and a magazine. Members include owners of single rental units as well as large apartment complexes.
Good group for landlords.

Our super won an award from the TAA.
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Old 01-31-2010, 05:27 PM
 
7,695 posts, read 12,855,866 times
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I would think the wisdom of renting from an Ex is way up there with
loaning money to grown kids ....
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Old 01-31-2010, 06:02 PM
 
1,752 posts, read 3,151,881 times
Reputation: 1935
Default Big chuckle from me...

Quote:
Originally Posted by kelly237 View Post
I would think the wisdom of renting from an Ex is way up there with
loaning money to grown kids ....
When I think of all the times he came home from a week long business trip to find me at home with two babies, and he would say something like "What the hell happened to my hardwood floors?" or "Why is there dog poop all over the backyard???"

I find it absolutely hilarious that he thinks I would want to rent from him.

But this is the way things work with him...I have to help him come to his own conclusion: it is a bad financial decision to get into rental properties.
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Old 01-31-2010, 06:31 PM
 
Location: Raleigh, NC
11,794 posts, read 27,462,503 times
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I have a couple of clients that bought rental properties and are very happy with them.

I have one client that purchased 4 houses in Clayton for under $100,000 each. He rents them and makes positive cash flow. Yes, he has had to evict someone and sometimes he gets calls to do repairs. He doesn't use a property management company but prefers to be "hands on". He rents them for more than the monthly mortgage but he did put at least 20% down on each of them. Whenever one is empty, he puts a sign in the front yard and said that he gets quite a few calls. I don't think there are a lot of single family houses for rent in the Clayton area.

I have another clients that purchased quite a few small homes close to downtown. She has about 6 of them and rents them, as well. She has a property management company that handles the rentals. They have actually increased in value in the last couple of years!

I often run across foreclosures and have thought about purchasing them for rental but hubby says NO WAY! He just doesn't want the responsibility!

Vicki
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Old 01-31-2010, 07:04 PM
 
10,721 posts, read 20,150,494 times
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Positive cash flow after paying PITI isn't the same as positive cash flow after paying expenses (see the 50% rule).
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Old 01-31-2010, 07:53 PM
 
1,106 posts, read 2,952,001 times
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From what I have seen is that you can make money on the cheaper houses that you can buy for under or around $100,000. This usually will put you with section 8 which means the money will be coming automatically but you deal with a different type of tenant. For money I would go that way and buy more quantity.

I hope to find a middle ground area with nicer homes that rent. Remeber that we have RTP and that gives us plenty of people in and out of the area or moving here and renting for a year until they figure out the area.

Landlords are just different breeds of people.

Besides that I would never mix family and friends with business.
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Old 02-01-2010, 07:21 AM
 
419 posts, read 1,214,250 times
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Mike052082 hit the nail on the head. We have a section 8 rental in Raleigh that nets us over $300 per month in positive cash flow. Their rent is fully subsidized but dealing with them has been a hassle at times. We have another rental in Clayton that is in a much nicer neighborhood. We only net $150 positive cash flow but we have an older professional woman that keeps the house in tip top shape. We could charge more but she is a good tenant and has been in the house going on 4 years.

Finding a good tenant takes a little screening but isn't much of a problem. None of our properties have ever gone vacant more than a month. If you post a rental on craigslist and it's priced appropriately, you should be able to find a tenant in less than two weeks.
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Old 02-01-2010, 07:53 AM
 
3,779 posts, read 7,174,225 times
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Quote:
Originally Posted by giffman View Post
Finding a good tenant takes a little screening but isn't much of a problem. None of our properties have ever gone vacant more than a month. If you post a rental on craigslist and it's priced appropriately, you should be able to find a tenant in less than two weeks.
That's encouraging.
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Old 02-01-2010, 09:18 AM
 
Location: Chapel Hill, N.C.
36,435 posts, read 41,675,230 times
Reputation: 47010
read the renting forum on headaches of being a landlord. It is not for somebody who does not have time or desire.
And we all know or should know you don't mix business with family or especially ex family.
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Old 02-01-2010, 09:29 AM
 
6,185 posts, read 13,853,853 times
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Renting from your ex might be great payback.

Just research all the horrific things tenants do, and choose a few and do them.

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