[jjameson922]

Also take into consideration there is a very large, active airport here. Download an air traffic noise map and put that into consideration as your looking at areas to buy in. Some of the areas you mentioned are right in those corridors.

[OmegaSupreme]

Originally Posted by jjameson922

Also take into consideration there is a very large, active airport here. Download an air traffic noise map and put that into consideration as your looking at areas to buy in. Some of the areas you mentioned are right in those corridors.

Those airplanes ain't got nothing on a $100 Honda with a $2,000 exhaust

[NJ Brazen_3133]

Originally Posted by WVREDLEG

Rent. What do you want with owning a rental property? Two healthcare professionals fooling with tenants, evictions, repairs--put your money into something else. Seriously, the potential return on a rental comes with headaches--unless you are committed to managing the property yourself, be prepared for a long list of possibilities:

-really great tenants (pay on time, clean)
-really bad tenants: miss rent, destroy your property, disappear with rent due, refuse to leave
-maintenance: paint, flooring, landscape, block walls, irrigation system
-repairs: HVAC, plumbing, roof, garbage disposal, garage door
-HOA: see bad tenants
-Weak and shady property management
-property tax assessments, preparing income taxes, insurance (more hassles and stressors)

Sure, you can do it. My best tenants (not in LV) in one of my properties have lived there for over 4 years, and have yet to cause an issue I would consider as bad tenant behavior. But the house breaks and needs fixes as it ages, even under normal use. I have those expenses budgeted, but the return is not worth the hassle. I have to scrutinize every action of my PM--like billing me $250 for plumbing repairs and not being able to explain where they got that number--"oh, it looks like we overcharged you"--they still try to pretend their mistakes are honest ones--and not intentional overbilling.

I see it as a stressor and waste of time that the money doesn't offset. Plenty of people enjoy the income and don't let the issues bother them--that's cool. My father had apartments. I was probably scarred emotionally by the way some tenants screwed him over, and I was usually the teenager sent in to clean up after a tenant ditched.

Owning a rental property is basically owning a business. Now what other kind of business can you start that will have less headaches ?

A restaurant, law office, general contractor, etc etc all have way more stress than owning rental property and most of that stress is in finding enough business weekly.

I say owning rental property is the least stressful of all businesses.

[kcoliver]

"Owning a rental property is basically owning a business. Now what other kind of business can you start that will have less headaches ?

A restaurant, law office, general contractor, etc etc all have way more stress than owning rental property and most of that stress is in finding enough business weekly.

I say owning rental property is the least stressful of all businesses."




Totally agree....and insurance, all you need is landlord's insurance and maybe appliance insurance!

[airics]

Originally Posted by NJ Brazen_3133

Owning a rental property is basically owning a business. Now what other kind of business can you start that will have less headaches ?

A restaurant, law office, general contractor, etc etc all have way more stress than owning rental property and most of that stress is in finding enough business weekly.

I say owning rental property is the least stressful of all businesses.

you are so wrong, its not even funny.... all is great until you get that one tenant.... its too late anyway to purchase the real estate to rent..

[airics]

Originally Posted by kcoliver

"Owning a rental property is basically owning a business. Now what other kind of business can you start that will have less headaches ?

A restaurant, law office, general contractor, etc etc all have way more stress than owning rental property and most of that stress is in finding enough business weekly.

I say owning rental property is the least stressful of all businesses."




Totally agree....and insurance, all you need is landlord's insurance and maybe appliance insurance!

landlord insurance is not all its cracked up to be....

[NJ Brazen_3133]

Originally Posted by airics

you are so wrong, its not even funny.... all is great until you get that one tenant.... its too late anyway to purchase the real estate to rent..

I work for a small landlord in NYC. Id rather be a landlord than his tenants though.

Yeh, we have to deal with bad tenants all the time. We just evicted one tenant on Wednesday. On Monday thanksgiving week, we gave over $15K for someone to move out only to have one of their acquaintances break into apartment with a baby, and squat. We called police but police say she has squatter rights. We had to go back to court that same day, get another court order, go to precinct, and get the police back.

I have literally spent years trying evict others. I know what it is like to have bad tenants. Still better than being a restaurant who has to pay a landlord rent, or a some kind of contractor bidding landlords and hoping they will give you work. Or a lawyer waiting around for landlords to give you cases, and likely having to pay landlord rent, or bank for loan on the office condo (basically like rent).

What other kinds of independent business are there? Obviously best case scenario is to have a great job with high salary at huge corporation like Amazon. But not everyone can have those, and some people want to be their own bosses. So no need to make that comparison.

Why you say it is too late? As long as cash flow is positive, and RE value expected to rise . . . Sure if there is another asset class better, but some people do this for a living.

[kcoliver]

Yep, I've had a bad tenant as well (funny when you said security guard or stripper, because they were that couple with a baby.) Las Vegas has great laws that protect ....they evict in 3 days after posting. With a business, you must deal with customers that might decide they want to stop payment on a check, or worst decline paying a credit card situation. You pay for credit card machine, and percentages to accept the cards. Then you pay commericial internet, land line if you need. Because it's "earned income" you pay more in income taxes. Not so with rent...passive income. And same for electric, rent costs.



We bought during down turn in economy for cash, if you can't afford a house payment, you usually rent. They have to have a place to live. As a wise realtor told me years ago, rent for $50 below going rent per month but require excellent credit. Also allow pets. Do pets cause damage, yep, but charge a non-refundable pet charge. $200 per pet.

You may still have other rental expenses, but it simply not that much.....(if appliances are covered and you have deposit - their money) how bad could it be.... $3,000, $4,000. ? Holes in the wall can be fixed. Cheap carpet for small house maybe $1,500. If they burn it down, landlords insurance. You make sure vandalism is covered for other things!

[Punxsyboy]

I'm an FNP, retired 3 years ago ( still work 2 days/month). I get unsolicited job offers almost weekly. You should not have any problems finding employment.

[WestieJeff]

Evictions take longer than three days It's a five day pay or quit and THEN the landord can file for an unlawful detainer which sets up a court case (which needs to be served and scheduled onto a court calendar). If the tenant responds it can push it out further. Once the landlord wins the unlawful detainer then he schedules with the constable for a lockout. Dates are also typically counted in business days not calendar days. Realistically it's closer to 20 calendar days at a minimum and if they fight it, it can be longer, it's fairly easy for the tenant to push it out one or two weeks. If the tenant files BK then it can take months.

This is the "easy" eviction process: http://www.civillawselfhelpcenter.or...nt-of-rent.pdf

I would agree that being a landlord is a business and much simpler than being a proprietor of most businesses. That said, I have a day job and don't want a second one anymore. Not unless it's returning at least 10% (which ain't happening unless appreciation keeps up, which is a gamble) and probably not even then. I like to be able to go on vacation and not worry about a tenant calling me.

Originally Posted by kcoliver

Yep, I've had a bad tenant as well (funny when you said security guard or stripper, because they were that couple with a baby.) Las Vegas has great laws that protect ....they evict in 3 days after posting.