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Old 12-28-2011, 07:52 PM
 
Location: Amelia Island
2,977 posts, read 3,969,047 times
Reputation: 3088

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As I said everyone has different needs and desires. We have been renting ours out and have not had a problem in the 11 years. We have a 2/1 so we tend to only get retire's or couples. We are pretty selective and are in a very unique location (resort area).

There are so many variables and needs for those of us nearing or at retirement. If your content and have a good quality of life at retirement then that's all that counts.
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Old 12-28-2011, 11:15 PM
 
Location: Wisconsin
21,547 posts, read 44,105,067 times
Reputation: 15160
For me, older retired couples or singles is no guarantee of anything. I had two different sets of retired couples as tenants. Both were #1 and #2 on my list of worst tenants.

First couple had owned a house in the neighborhood and being a good Catholic family had had twelve children. Father an engineer, mother a dietician. I told them I was concerned about their large family, but was given assurances "Oh, no, it's just mother and dad." When they went on vacation, one of their twelve w/spouse & kids would stay here - people from the East Coast whom I'd never met; or their college-age daughter who didn't live with them came here for a couple of weeks while they were gone w/boyfriend in tow. Nine months later she gives birth to an illegitimate child. One of her married sisters took the kid. These people also had their college age kids bring laundry every weekend for them to do. Married daughter lived a block away. When the family had a party over there, the unit here was open house for all the kids, grandkids, whatever. It was a friggin zoo. Kids running in and out. I tolerated this for three years and then told them my mother was moving in. Kept it vacant for 9 months after that. They were the worst.

And then there was another retired couple who'd just sold their house in a very nice area. Lo and behold divorced son would come every weekend with his kids because he had no place to go. Worse yet, he drove such a noisy rattle trap, you could hear it coming a mile away - god's truth. Then he would park the rusty beast in front of my house for two days. His kids would run up and down steps, slam doors. I had neighbors coming over asking what was going on. Needless to say, after one year when the lease was up for renewal, I told them they had to move.

Once rented to a nice, quiet single guy, about 35 y/o. All was well for about six months. Then he found himself a girlfriend. One Saturday, I'm in my kitchen and a strange car loaded with clothes and possessions pulls into my driveway and this strange blond girl gets out. He proceeds to move her stuff in. Not so much as how do you do. Well, he was out in a year, then, too.

Like I said, the things I was specific about were the EXACT issues I had with these people. Murphy's Law.

Thereafter, I would draft iron clad leases on who lived here, how many nights people could stay. Took washer & dryer out of their basement to avoid every Tom, Dick and Harry coming over to do laundry.

Then I had an older single guy - he wasn't too much of a problem, but he stayed only a year.

Then I rented to single girls in their 30s, one a university librarian, the other studying to be a librarian. Said they were sisters. NOT. Got a little fresh with me, so I immediately had my son move back home into his old room. They moved out, and I moved my son over there - about 17 years ago. And that was the end of the tenant business for me. I'd had other investment properties, also. But living with tenants - never again.

Son has been here ever since, first with roommates and now with his wife.

Last edited by Ariadne22; 12-28-2011 at 11:38 PM..
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Old 12-29-2011, 05:51 AM
 
Location: Amelia Island
2,977 posts, read 3,969,047 times
Reputation: 3088
I guess we have done well from hearing stories here.

Reading other posts about buying homes and condo's next to neighbor's from hell makes it nice we can decide at the end of the year if they stay or go.

Again we have had great tenants and if they only stay a year that suits us fine as we like to keep the unit up to date looking.

It's not for everyone but it works for us.
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Old 12-29-2011, 04:37 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,960,476 times
Reputation: 6718
Quote:
Originally Posted by mathjak107 View Post
if you landlord long enough its a given and its nothing i would want to deal with as i get older and older. my portfolio doesnt call me at 2:00 am to tell me the heats out or the toilets over flowing ...

The house i own is fully paid for but it still is costing me the return im not getting on the money i have tied up in the house . thats about 10k a year in a tax free municipal bond and thats part of my costs.
There's an old saying by someone famous (forget who) - but it's pretty much - don't buy stuff that requires feeding or maintenance. Think it's an old quote - because it doesn't mention being awakened at 2 am on the phone with tales of an overflowing toilet.

I am 100% with you in terms of portfolios not waking you up at night (unless you're having nightmares about your holdings - as opposed to phone calls ). It is pretty easy to buy/sell securities - not so easy getting good tenants - or kicking out the bad ones if necessary.

And you are also 100% correct in terms of figuring into the cost of ownership the loss of income you would earn on the equity in the property. For example - I figure our loss of income on the equity in our house - which is a cost - is about 4% tax-free/year (what we could get on high quality 20 year munis).

We happen to love our house - and can afford it. But being a landlord - yuck. Robyn
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Old 12-29-2011, 04:45 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,960,476 times
Reputation: 6718
Quote:
Originally Posted by JBtwinz View Post
As I said everyone has different needs and desires. We have been renting ours out and have not had a problem in the 11 years. We have a 2/1 so we tend to only get retire's or couples. We are pretty selective and are in a very unique location (resort area).

There are so many variables and needs for those of us nearing or at retirement. If your content and have a good quality of life at retirement then that's all that counts.
Hi JBtwinz - I've not seen you posting here in the retirement forum before (perhaps I missed any earlier messages). If you have just recently arrived - welcome. (To everyone else here - IIRC - JBtwinz used to live in my part of the world. and has since moved elsewhere).

If I had to to guess - without a poll - the average/median age of people here is probably 60-70. And I reckon you're at least 10-20 years younger. What is simply a minor inconvenience when you're 45 or 55 can become a big PITA when you're 65 or older. Robyn
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Old 12-29-2011, 04:46 PM
 
71,905 posts, read 71,971,035 times
Reputation: 49447
Im laughing about your saying about dont buy anything that needs feeding or maintenance.

My buddy is a big real estate person and his saying is never buy anything you cant pee on.
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Old 12-29-2011, 04:48 PM
 
71,905 posts, read 71,971,035 times
Reputation: 49447
I think this is the first time we agree on something lol
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Old 12-30-2011, 01:25 AM
 
Location: Tucson/Nogales
17,451 posts, read 21,289,337 times
Reputation: 24301
Quote:
Originally Posted by Bette View Post

Even though years ago when I started out, I lived in a condo. Now, after living in a single family home, the thought of going back to a confined space of 1100 SF or so makes me sick. But, that's just me.

And, I fought going to a single family home for a long time.
And how much of that space do you use in that house on any given day or week, ever think about that?

When I really stop to think about it, I spend the majority of my time in the combo kitchen/dining area with a place for my computer. Incredulously, I haven't sat down in an easy chair or been on the sofa in my living room for years! Yes, years!

I hate big master bedrooms, so I chopped mine in half so it would be cozier.

Perhaps it comes from living in studio apartments so much of my life, that I feel so uncomfortable with lots of space, like I have now. In some ways, it's psychological, knowing the extra space is there!

But, some day, it wouldn't surprise me if I go back to retiring in a much smaller space!
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Old 12-30-2011, 10:32 AM
 
Location: Near a river
16,042 posts, read 19,007,999 times
Reputation: 15649
Quote:
Originally Posted by tijlover View Post
And how much of that space do you use in that house on any given day or week, ever think about that?

When I really stop to think about it, I spend the majority of my time in the combo kitchen/dining area with a place for my computer. Incredulously, I haven't sat down in an easy chair or been on the sofa in my living room for years! Yes, years!

I hate big master bedrooms, so I chopped mine in half so it would be cozier.

Perhaps it comes from living in studio apartments so much of my life, that I feel so uncomfortable with lots of space, like I have now. In some ways, it's psychological, knowing the extra space is there!

But, some day, it wouldn't surprise me if I go back to retiring in a much smaller space!
Yes, indeed on the small living space. No offense intended to anyone, but I have to laugh at retirees who cannot imagine living in a 1200-sf house. How much space can one or two people actually use at one time? As we age, who the heck wants to clean 2, 3, or 4 bathrooms and rooms seldom used, and keep repainting those rooms every few years? I went from a 1200-sf to 1350-sf with my last move, and as much as I like it here, it's too big for when I hit 70 in a half dozen years. If I move once more to a house, it will be 700-1000 sf and I'll have no problem with that, as long as the rooms aren't tiny. There's many houses that have great layouts and high ceilings that have fewer sq ft. Just imagine yourself at age 75 or 80, and what you'll be able to take care of at that age if still living in a house.
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Old 12-30-2011, 02:29 PM
 
Location: SW MO
23,605 posts, read 31,529,524 times
Reputation: 29083
Quote:
Originally Posted by Ariadne22 View Post
First couple had owned a house in the neighborhood and being a good Catholic family had had twelve children.
Yup! Gotta watch us Mackeraql Snappers, dontcha know. We're a sneaky, unruly bunch; and that's only on a good day.
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