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I did not say there was any free lunch for anyone.
As a military retiree, it benefits me to seek regions where I can prosper on my small pension and avoid military bases.
On these threads the city folk often forget that low COL places still exist.
Nobody is saying that low COL areas are not available. We all know you can move to Little town Indiana and live pretty cheaply. What we're saying is lower COL areas are lower for a reason. Whatever that may be. Distance, local economy, blighted area, unpopular etc. Basically for whatever reason the area is lower in cost.
When I retire I may move to a lower COL area too. But by then my house will be paid off so staying where I am may be a low COL simply because I won't have any big bills
Yeah, it's not great, but has some good points. It's close to work.
The trouble is I live in a very tight rental market where if you have a dog, you are pretty much banned from most places.
Smokers welcome dogs not makes very little sense in 2017 but this area is very backwards.
It means moving way out of town or to a new town not near my job so I'll be commuting in the elements.
I'm a landlord and I don't want smokers or pets. They **** and crap all over the place, even the trained ones, especially when they get old. But, I do like this thread and plan on reading all of it. I have no problem going month to month after the first year. Nor do I have a problem with doing minor upgrades that you listed.
I have properties in different locations, some are paying a tax below what I feel is average, others are paying the average or slightly more than average. I will be more inclined to keep the above average rent payer happy than the below average one. I raise the rent when my expenses go up and when assessed value goes up, but it may take a year or two to get the below average rent back up to the here it needs to be (In my experience).
I'm a landlord and I don't want smokers or pets. They **** and crap all over the place, even the trained ones, especially when they get old. But, I do like this thread and plan on reading all of it. I have no problem going month to month after the first year. Nor do I have a problem with doing minor upgrades that you listed.
I have properties in different locations, some are paying a tax below what I feel is average, others are paying the average or slightly more than average. I will be more inclined to keep the above average rent payer happy than the below average one. I raise the rent when my expenses go up and when assessed value goes up, but it may take a year or two to get the below average rent back up to the here it needs to be (In my experience).
It's been a pleasure living in a building with out pets since there is no odor in the hallway or barking dogs keeping me up late at night.
... When I retire I may move to a lower COL area too. But by then my house will be paid off so staying where I am may be a low COL simply because I won't have any big bills
After I first retired, we returned stateside to a home that we already owned. By being a high COL city, there were still many things that were expensive. Property taxes were equal to nearly five months of my pension.
I own over 100X more land now, and my property taxes are half a month's pension.
It seems to me that in a high COL city, everything is expensive. Taxes are high, drinks cost more, restaurant meals cost more, high cost permeates through everything.
Landlords, please explain why you favor new people,who you don't even know if they will pay the rent or cause problems--over long term tenants??
I don't get it. Well, I do. In a tight rental market, it's all about how much money you can make.
Because the new tenants are willing to pay the fair-market rent. And aren't as demanding or feel as entitled as the old renters who are stuck in the 1800's thinking postage stamps is still 4 cents and milk is still delivered to the door steps with flowers all for $1.
And if you need "new everything", that's a good reason to favor new tenants since you can't seem to take care of your appliances.
I'm a landlord and I don't allow pets. Smoking is fine if it's outside. Some of my tenants to pot.
As long as they take care of the property, pay on time, no drama. I'm good. I've raised the rent to fmv and only had 1 issue. We talked and worked out something that was okay with the both of us.
What renters need to know is that we have a ton of cost, expense and a lot of headaches. We are also double taxed. If Property tax didn't exist, we'd have the extra $$$ to upgrade a few things.
Property tax is increased every year. So of course rent should increase every year.
Because the new tenants are willing to pay the fair-market rent. And aren't as demanding or feel as entitled as the old renters who are stuck in the 1800's thinking postage stamps is still 4 cents and milk is still delivered to the door steps with flowers all for $1.
And if you need "new everything", that's a good reason to favor new tenants since you can't seem to take care of your appliances.
I'm a landlord and I don't allow pets. Smoking is fine if it's outside. Some of my tenants to pot.
As long as they take care of the property, pay on time, no drama. I'm good. I've raised the rent to fmv and only had 1 issue. We talked and worked out something that was okay with the both of us.
What renters need to know is that we have a ton of cost, expense and a lot of headaches. We are also double taxed. If Property tax didn't exist, we'd have the extra $$$ to upgrade a few things.
Property tax is increased every year. So of course rent should increase every year.
Whoa, so you think that constantly getting new tenants so you can jack up their rents considerably and turning over apts constantly is smarter and more economical than keeping long term tenants? That's a new one on me if you do.
And you can increase rent on longer term tenants. We sure don't raise it as much as we might with a new tenant but we would't want to nor need to. You have an established tenant who pays their rent on time and doesn't cause problems. (or at least I assume they don't cause problems if you are renewing their leases ). That is like gold to us.
And as far as the rest of what you said, there are just no words. Based on your post it does not appear that you like being in the landlord business one iota with your way of thinking. And no doubt!
Most people who live pay check to pay check choose to? Have you ever thought the jobs of today many people work are SET UP to keep you from working a second job to "get even" or "ahead?"
Retail jobs, well, you are at the mercy of the schedule. If they tell you M-F it's 8 am start then next week it's 10 am, you have little flexibility. You "can't just get another job" to make up the difference in your wages.
So, okay, no one has ever had a reversal of fortunes? Anyone fired or laid off here? Must be them. Bad work ethic? I mean, come on.
How is cable (just internet) a luxury in 2017? People have to keep up with technology and libraries aren't open 24/7. I suppose only the "better class" of person deserves his or her child to be educated? Also if there was more competition, or if it was like in other countries, internet would not be so darn expensive.
Who decides what is a luxury and what is necessity? In our family rent comes first, everything else second. I don't recall the last time I had more than a gas station cup of coffee out.
I can't expect other people to be disciplined like we are and yes, some people do want I-phones, big tvs, meals out, and cigarettes and alcohol.
Maybe life is too short for them. Maybe they were raised that way. Maybe they don't want someone telling them that they have to walk around like some beaten down loser because the system is rigged against the regular person, especially since the Recession. Ageism, racism, sexism, these have reared their ugly heads again now many of the jobs are no longer available.
Please, libraries are open usually to 8pm during the week and open on weekends. Many go to the library to use their computers or bring their laptop and connect with the WiFi. People don't have to have access 24/7.
Problem today is many have to have the $800 phone, $200 sneakers, etc. when they don't have the income for that. People used to live within their means and did without the extras.
usually low rent rates have a reason for being low.
And that's fine. Just don't complain when you have no money saved. I'm not going to tell anyone how to save or spend their money. But on that same thought don't sit there whining about how you can't get ahead and the man is holding you down while driving your leased Beamer into the parking lot, whipping out your LV purse to grab a cc to pay for your double soy latte before calling your work on that $800 iPhone because you're running late to get to your $15 a hour receptionist job.
LOL...so true most of the time. Not sure if it is entitlement or trying to maintain an image or a combination of the two.
People who whine when their car insurance is coming due(like it's a surprise) but get a $5 Starbucks every morning, cut back to once a week and the money saved is your car insurance and than some.
Do you have cable TV and/or a cellphone plan that costs more than $30/mo? Do you eat out? Do you have a car payment? If so, you are living paycheck to paycheck by choice.
Most folks living paycheck to paycheck do so because they choose to have luxuries they don't need. You should see the cars my renters drive compared to my 10 year old Kia with no AC. I choose to invest my money for the future. They choose to live for today.
No I don't have cable. Yes I have a cellphone plan that cost me more than $30. No I don't eat out, nor have a car. I'm living paycheck to paycheck some paychecks...not every paycheck. But I remember when it was EVERY paycheck to paycheck. 8 long years and 4 of those with a 15% pay cut and a part-time job. During that time I moved twice. The first apartment I could afford if I do anything but go to work. The 2nd one I got was $280 less and a small studio. I had no furniture, just me and my two cats. I made it work for 6 years.
Most folks do live for today and some live trying to get to the future.
I've heard stories of people turning down promotions so they can qualify for housing lotteries here in NYC. I'm sorry I don't think that should ever be a thought in someone's mind...affordable housing or promotion?
I hate leases. If you land a great job out of town but you're in the middle of a lease you're screwed. Where I'm at now, it's month to month but the landlord jacked up my rent supposedly to make up for the eventual AC and repair jobs they plan on in the future. It wouldn't be so bad if I didn't have student and medical debt.
Just a few years ago most places didn't require one, now even the private owners want a solid year. Was just lucky enough to find one that did 6 months, hope to find something by the end of this year.
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). That is like gold to us.
Based on your post it does not appear that you like being in the landlord business one iota with your way of thinking. And no doubt! 
