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Old 06-22-2021, 05:13 AM
 
46,145 posts, read 19,877,726 times
Reputation: 30384

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Sister and her husband rented out a gorgeous country home in Northern California.

Tenants cut down all the trees, refused to pay the rent claiming a water issue, and moved out just ahead of eviction with the wood stove, the refrigerator, and, of all things, one of the toilets.

Suing would have been a costly endeavor with little chance of recovering anything.
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Old 06-26-2021, 03:45 PM
 
Location: Worcester MA
2,943 posts, read 984,590 times
Reputation: 5556
Not everyone is a good at flipping, regardless of how those get rich real estate schemes or tv remodeling shows portray it. If they're too dumb to be a good flipper, they could be an even dumber landlord, so best not to even go there.

Case in point, a flipper bought the property behind mine for a very good price. It was a hoarded, rat and formerly cat infested, leaking roof, windows missing, dilapidated house with obvious issues from the outside. I'm sure the inside was a total hellhole. Also the "yard" was a complete jungle with dead trees, brush and bittersweet all over.

It has now been almost a year and still looks pretty bad. My other neighbors and I were recently discussing it and suspect it was more than the flipper had bargained for. We don't think he knows what he's doing. We noticed he has some windows open and one of them said that's a sign he's trying to air out the mold. But at least put screens in! Now all of the rats, birds, etc... can still easily get in.

He also is building a retaining wall with cement bricks and putting the bricks right on top of each other, instead of staggered. It looks ugly and does not look sturdy.

Honestly this house doesn't have "good bones" and probably should have just been razed and a new house built. It's in an excellent spot. If designed properly, could have beautiful views of the lake across the street and the island where the bald eagles live.

However, the flipper put in small tiny windows facing the lake and that's when one of my neighbors knew that this project was too much for this guy, he has no vision and doing everything cheaply as possible. He'll be lucky to break even, if he doesn't lose money on this.

Last edited by Taffee72; 06-26-2021 at 04:09 PM..
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Old 06-28-2021, 11:36 PM
 
Location: Scottsdale
2,658 posts, read 2,058,018 times
Reputation: 5036
This former flipper has some good insight.


https://www.youtube.com/watch?v=bnY2...sSa0Hg&index=2
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Old 06-28-2021, 11:41 PM
 
Location: Gaston County, N.C.
354 posts, read 213,292 times
Reputation: 505
I have enjoyed the gradual and consistent wealth accretion of my rentals - but I have come to realize that SFRs don't cash flow well and the repairs can come in clusters (this house and THAT house and YET ANOTHER one within a few months).

I might or might not invest in more rentals, but any in the future would be duplexes or quads. I'm old enough now that I don't want to rationalize "these will appreciate over time". It needs to be a business that pays back now, or I'm not going to bother with it.
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Old 06-29-2021, 09:15 AM
 
Location: Scottsdale
2,658 posts, read 2,058,018 times
Reputation: 5036
Quote:
Originally Posted by SGMI View Post
I have enjoyed the gradual and consistent wealth accretion of my rentals - but I have come to realize that SFRs don't cash flow well and the repairs can come in clusters (this house and THAT house and YET ANOTHER one within a few months).

I might or might not invest in more rentals, but any in the future would be duplexes or quads. I'm old enough now that I don't want to rationalize "these will appreciate over time". It needs to be a business that pays back now, or I'm not going to bother with it.
SFR's have an advantage that they'll sell for more (per sq ft) and much quicker than a multi. The multi market is aimed at shrewd investors vs a SFR market that is aimed at a different crowd altogether.
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Old 06-29-2021, 02:49 PM
 
13,262 posts, read 15,867,762 times
Reputation: 20187
I flipped a house in 2002- no realtor, made 60K in 75 days. Didn't fix anything.........let the buyer start the remodel before the closing (paint/carpet/appliances) not major.

That house is worth about 150K more today than back in 2002. It needs a roof, all new flooring (dogs) and kitchen/bath remodels. If he sells it today, I'd be stunned if he nets more than I did in the short flip time period after the transaction costs/deductions for the roof/real estate commissions.

I then bought a brand new warehouse, 13 months later I sold that and made another 60K. Today that warehouse is still not worth what the buyer paid for it and the POA fee was $500 a month. Guy bought it as an investment/storage so it isn't rented/isn't really being used for anything that would make money. Sunk money and it has been 15 years (x 6K yr in POA fees).

My 120K is still with me and got invested outside of real estate. Yes I paid income tax on it so I didn't get to keep the full 120K but I do not regret selling either property.
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Old 08-21-2021, 10:30 AM
 
1 posts, read 314 times
Reputation: 20
Quote:
Originally Posted by NORTY FLATZ View Post
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.)

You're a landlord. You're barely human yourself. If you want your tenants to treat you with respect, don't ignore them when they tell you the heating went out or they need a plumber to come by.



And don't act like you're one of the good ones... the creative retaliations you've experienced really show you're nightmare landlord.
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Old 08-21-2021, 05:49 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
8,497 posts, read 5,994,953 times
Reputation: 12383
Quote:
Originally Posted by robocall View Post
So, in spite of what I and others say here, you agree with the OP that anyone who flips a house is nuts to not be a landlord, regardless of their own desires? From my first post here my point has been that being a landlord is not for everyone because of both their desire for a quicker return on investment and no interest in dealing with tenants. But you and the OP know better for everyone.

I'm neither a tenant nor a landlord simply because of the type of people I would need to do business with, your "network" included.
I just saw this. Some in my network are not evil as you infer. They spent their time and money building an orphanage in viet nam. What have you done ?
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Old 08-24-2021, 07:02 PM
 
Location: Ocala, FL
443 posts, read 558,597 times
Reputation: 1480
I'm closing in 2 weeks, unloading my last rental that I spent over $16K last summer (July 2020) to repair the damage the tenants did. They lived there 3 years. They were a retired Marine and a pharmacy technician, both in their 60s, so didn't stand out as the usual trashy tenant, and had sold their home and moved to this area so no former landlord to interview. They flooded the house flushing god knows what down the toilets, never changed the A/C filters and it burned up, broke all the appliances, ruined the kitchen countertops, and left me about 20 containers of bacon grease stacked up in the cabinet next to the stove, balanced, so when I opened the door they fell and drenched the floor. They weren't supposed to smoke in the house and I never smelled it when I came to the house, but it was so bad the ceiling in the Florida room had to be replaced as well as all the window treatments. They even managed to break the toilet seats.

I rented the house to a new tenant from NYC (big mistake) who was nothing but a royal PITA from the day he moved in and actually caused me to put the house with a management company for the last 10 months of his stay. I was dealing with my husband who had dementia and I think he smelled blood in the water, thinking I was just some dumb redneck from the south. I refused to renew his lease and couldn't wait to see him move out. After him I decided enough was enough. I spent $1500 to get that house back in shape to get it sold. It needed new paint all the way through again (had just been painted a year ago) and he left the kitchen filthy among other things. I gave him A/C filters, GAVE THEM TO HIM, and he didn't change the filter once in a year. Ever seen a year's worth of filth in an A/C filter? Lucky for him the A/C survived. I know he didn't change it because the filters were still unopened in the box in the laundry room.

The house sold for full asking price, cash, within a week of listing. I turned down 2 offers over listing that needed financing. Cash is king. I sold my other rental to the long-term tenant of 7 years. Free at last!! I'm not sure where I'll invest the proceeds, but it has to be better than handing it to repair people every time a tenant moves out.

Yes, I was an investor. In 2011 I paid $32K for one house and $35K for the other and kept both rented for 10 years before unloading them. I made money, but it wasn't worth my sanity.
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Old 08-25-2021, 09:14 AM
 
321 posts, read 132,708 times
Reputation: 619
My problem with house flippers are those who buy decent first homes designed for new homeowners. Nothing wrong with them, the ones in my area are no older then ten to twenty years with some upgrades the previous owner did. They use to be cheap enough for those those new prospective buyers. But what happens….they get outbid by d bags who want to rent or flip them while they already own multiple homes. One sold to a flipper and was back on the market for 95k more and all they did was paint and upgrade the bathrooms and kitchen. Again nothing wrong or disgusting with the home condition. For F sake……stop it already and let those who really want a home have it instead of trying to make a quick buck.

Fast forward to today and all these cheap first homes have really increased in price and now would be homeowners who saved and saved so they can try to buy have been left to suffer with apartment living. Had flippers not did what they were doing more families could have been in a home today leaving apartments open to those who need a place to stay. Apartments are all full around here with waiting lists numbering in the 100s.
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