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Old 02-23-2021, 06:03 AM
 
Location: Somewhere in America
13,750 posts, read 12,691,459 times
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Right here is why people flip and don’t become landlords.

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Old 02-23-2021, 08:51 AM
 
1,296 posts, read 708,345 times
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Because depending on where you live it could easily take a year and five figures worth of lawyer fees to evict a deadbeat even without all the current politburo-mandated communisms in places. That and you cash flow can easily flip to negative any day if you end up with a bunch of commies for mayor and city council who suddenly decide that rent control is a great idea.
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Old 02-23-2021, 09:28 AM
 
Location: Brawndo-Thirst-Mutilator-Nation
19,365 posts, read 19,818,128 times
Reputation: 16598
When you flip, your problems with that property should come to an end.

Rentals, I can only imagine the headaches.
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Old 02-23-2021, 10:03 AM
 
1,296 posts, read 708,345 times
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Quote:
Originally Posted by tickyul View Post
When you flip, your problems with that property should come to an end.

Rentals, I can only imagine the headaches.
Exactly - not only that but try selling an existing rental to a developer in a gentrifying neighborhood and see how quickly a mob of potbangers shows up demanding you extend the leases indefinitely with no rent increases and keep renting out 80% below market.
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Old 02-23-2021, 11:15 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
8,236 posts, read 5,820,173 times
Reputation: 11875
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
Things like this happen often enough, but I would tell people while a lot of people don’t have the skills to be a landlord and should avoid it, just because you lost once doesn’t mean you would always lose. Just depends on if you learn anything from it.
That’s like saying I went fishing and didn’t catch a fish and never again.
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Old 02-23-2021, 12:53 PM
 
1,296 posts, read 708,345 times
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Quote:
Originally Posted by aslowdodge View Post
Things like this happen often enough, but I would tell people while a lot of people don’t have the skills to be a landlord and should avoid it, just because you lost once doesn’t mean you would always lose. Just depends on if you learn anything from it.
That’s like saying I went fishing and didn’t catch a fish and never again.
It's already next to impossible to keep out the deadbeats, and the way things are going in many cities soon enough asking for credit or employment history will get you sued for discrimination.
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Old 02-23-2021, 02:21 PM
 
5,744 posts, read 4,021,138 times
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Quote:
Originally Posted by T. Damon View Post
Sounds like a a very nice quick hit of cash to me. Why bother with being a landlord in today’s market of deferred rental payments and eviction moratoriums?
Landlords are the untold COVID crisis with some state governments throwing them under the bus. Even before COVID though some states had laws that were skewed in favor of tenants. I could never imagine being a landlord in a state with rent deferrals, eviction moratoriums and a declining population such as New York.
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Old 02-23-2021, 02:39 PM
 
Location: Somewhere in America
13,750 posts, read 12,691,459 times
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Quote:
Originally Posted by bigfatdude View Post
It's already next to impossible to keep out the deadbeats, and the way things are going in many cities soon enough asking for credit or employment history will get you sued for discrimination.
In some states you're VERY limited what you can ask. NY is AWFUL on landlords even before the pandemic. You can only have 1 month's security now. No longer first, last, and security.
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Old 02-23-2021, 02:45 PM
 
Location: Danbury CT covering all of Fairfield County
2,491 posts, read 6,605,693 times
Reputation: 1253
Because my market market, the $175k cash only purchase complete that you invest $80k to upgrade you remodel to be worth $400k is only going to rent for at most $2400/month and with $5500 annual tax bill and $1500-$1800 insruance policy plus service fee to lease the home with an agent, you are only at about $20k a year in income less vacanies, repair, and any landscaping costs included in the rent. Take the $ and move on.
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Old 02-23-2021, 03:06 PM
 
5,744 posts, read 4,021,138 times
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Quote:
Originally Posted by ss20ts View Post
The grey everywhere is freaking depressing!
I have grey in only one room of my house, the garage.
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