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Old 02-27-2021, 05:01 PM
 
Location: Somewhere in America
13,750 posts, read 12,704,449 times
Reputation: 23857

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Quote:
Originally Posted by tommy64 View Post
You make a great point. $38,000 is a nice chunk of change.

But I'd really like to know what your costs were as far as capital gain & real estate commission. Do you have strategies to deal with those burdensome costs?

How long did it take to complete, and how aggressive was the bidding?

Did you use cash or a hard money lender?

The devil is in the details.
Quote:
Originally Posted by Ultrarunner View Post
Amen to that... I have sewage backing up and not a single plumber is interested in anything occupied... too risky with Covid plus the tenant is very unpleasant... these are companies where I have long standing business...

So I go to Angie's List which I have heard so much about and Diamond Certified and nothing... reach out to a few and it was the same... we are not doing work in occupied rentals or we are not presently working in Oakland...

Tenant calls city and city has no one to send out but sends letter stating tenant has reported problem with timeline to fix... which I had already solved two days before getting letter... so city and Housing Authority in the mix...

I bring a 125' commercial cable machine stand ankle deep in sewage and the machine hooks more than a dozen feminine hygiene products... her college daughter is home from college due to Covid and says that's gross when I show them...

What a mess, totally tenant caused in a time of Covid and City is demanding under penalty it be addressed...

As I'm doing the job with PPE and splash is hitting me I'm thinking is this worth getting Covid or worse bringing it home?

All of my other tenants are great... really pulled together... some asked for time and paid when their unemployment came in... they understand we are in this together.

It only takes one protected tenant to make life hell and she may outlive me...

I never rented to her... she was given her Mother's Voucher in an emergency transfer when her Mom, the legal guardian of the children died from a heart attack... and there was not a think I could do about it under the regulations in place in my city...

All it takes is one apple to spoil the whole bunch. There was one tenant we had when I worked in property management that made me leave the industry. After a year of trying to evict the druggie who had not paid rent in over a year I knew I had to get out to save my sanity and blood pressure.
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Old 02-27-2021, 05:49 PM
 
Location: Pac. NW
2,578 posts, read 2,001,797 times
Reputation: 4935
Quote:
Originally Posted by tommy64 View Post
My first time out as a LL was an eye opener. I hired a property management company to handle the LL things. They did a poor job and just churned out fees while turning a blind eye to the damage the tenants were causing. When it was all over they said "Being a LL is a risk and we can't guarantee anything" HA!

I drove around town one day and noticed all the apartment buildings. 16 units, 100 units, even 400 unit mega-complexes. I thought, "Damn, these buildings wouldn't be here if they had shady tenants. They're obviously making money. There are thousands of people living in this town who're paying rent on time. And I can't find one good tenant to put in a single house?".

Since that awakening I've been pretty fearless as a DIY LL. It's just a matter of following rules and procedures. Just like the biggest complexes do to make big $$$ for their investors!

It's even more sobering to know that most managers in a complex are just $18 an hour stiffs with maybe a minor degree in business administration. Many are failed real estate agents who're salvaging a career by going into property management. Some smaller buildings even have "live in" managers who just do it for reduced/free rent.

It's really not that demanding.
An earlier post.

Please don't take offense to my characterization of PM's. It's a tough job to be in the middle of owners and tenants. In my case the management couldn't have cared less about dealing with problems because they got their hands on any money that came in before anyone. They even got smug amusement out of the whole thing. No skin off their nose.

Maybe there is something about self-managing (or having a large book of business that a PM will covet and give top priority to) that makes LL'ing better for some.
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Old 02-28-2021, 08:03 PM
 
Location: Morrisville, NC
8,537 posts, read 12,565,652 times
Reputation: 8051
Quote:
Originally Posted by kishac View Post
yep, for many people, taking less money now is worth avoiding the headache of being a landlord.
A developer local to my area once said, I’d rather make a fast nickel than hope for a slow dime.
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Old 03-02-2021, 05:31 PM
 
6,507 posts, read 2,194,130 times
Reputation: 7852
Quote:
Originally Posted by Sherifftruman View Post
A developer local to my area once said, I’d rather make a fast nickel than hope for a slow dime.
Depending on market, you have to be like that sometimes, because oftentimes those dimes never come to fruition.
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Old 03-03-2021, 02:08 PM
 
11,568 posts, read 9,399,371 times
Reputation: 10532
You deserve to be broke if you don't flip properties immediately.


https://www.youtube.com/watch?v=kzsSpDyBc_4
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Old 06-18-2021, 07:51 AM
 
11,568 posts, read 9,399,371 times
Reputation: 10532
Flippers may be getting priced out. Lowest percentage in over 20 years.

Home flippers pulled out of US housing market

Some people are getting out or crowded out by Wall Street.
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Old 06-18-2021, 08:08 AM
 
Location: Cary, NC
38,206 posts, read 66,231,768 times
Reputation: 38690
Quote:
Originally Posted by lchoro View Post
Flippers may be getting priced out. Lowest percentage in over 20 years.

Home flippers pulled out of US housing market

Some people are getting out or crowded out by Wall Street.
For sure.
There are fewer distressed properties, and fewer deals.
It is the retail owners putting lipstick on pigs that you have to look out for.
And, iBuyers with glitzy sites and stories selling pigs without lipstick to trendy and unsophisticated buyers.
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Old 06-19-2021, 08:25 AM
 
80 posts, read 57,598 times
Reputation: 87
And this is exactly why most of us think you need to be insane to be a landlord.
Case closed.

https://slate.com/human-interest/202...-eviction.html

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Old 06-19-2021, 11:40 AM
 
Location: Sandy Eggo's North County
3,944 posts, read 1,547,476 times
Reputation: 5679
Paint is no big deal, at all.

What IS a big deal is when they flush a sack of Redi-Crete down each toilet. Or, vandalize the HVAC, and drill holes in the roof and pull all the copper wiring outta the walls...

These are from personal experience, when dealing with "affordable housing" maggots. (I guess I shouldn't paint maggots in a poor light, but these criminals are barely human.)
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Old 06-22-2021, 05:10 AM
 
45,921 posts, read 19,539,789 times
Reputation: 29975
Quote:
Originally Posted by LowonLuck View Post
This!

I rented a townhouse for 18 months. I would have lost less money leaving it vacant for the 18 months. I renovated it and sold it. Never again
We had a similar experience.

We rented out a townhome through a property management firm for a year. The single, middle-aged engineer moved in his daughter, her boyfriend, and their collection of offspring. They broke every appliance at least once, stopped up the sewer several times, and left the house a wreck -- holes in the walls, ruined floors, etc.

Property management firm returned his deposit, stating that landlords have to expect some amount of "wear and tear."
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