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Old 02-23-2021, 03:18 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
8,504 posts, read 6,002,379 times
Reputation: 12384

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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.
Impossible to keep,them all out? Perhaps.
I have over 20 rentals and it’s not a big problem at all.
A lot depends on the skill of the management. A lot of it is common sense and being responsible. Some people aren’t these things. I had a friend I advised on screening a tenant on her rental. She didn’t listen and got burned badly. When it was vacant again I asked her if she learned her lesson and she said yes.
She went out and did the same mistakes again and ultimately lost the rental house.
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Old 02-23-2021, 03:34 PM
 
3,290 posts, read 1,307,038 times
Reputation: 9033
Quote:
Originally Posted by aslowdodge View Post
Impossible to keep,them all out? Perhaps.
I have over 20 rentals and it’s not a big problem at all.
A lot depends on the skill of the management. A lot of it is common sense and being responsible. Some people aren’t these things. I had a friend I advised on screening a tenant on her rental. She didn’t listen and got burned badly. When it was vacant again I asked her if she learned her lesson and she said yes.
She went out and did the same mistakes again and ultimately lost the rental house.
Do you think there's a difference between landlords who own 1 vs 10 or 50 rentals?
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Old 02-23-2021, 05:07 PM
 
1,296 posts, read 737,943 times
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Quote:
Originally Posted by aslowdodge View Post
Impossible to keep,them all out? Perhaps.
I have over 20 rentals and it’s not a big problem at all.
A lot depends on the skill of the management. A lot of it is common sense and being responsible. Some people aren’t these things. I had a friend I advised on screening a tenant on her rental. She didn’t listen and got burned badly. When it was vacant again I asked her if she learned her lesson and she said yes.
She went out and did the same mistakes again and ultimately lost the rental house.
Not a big problem if evicting a deadbeat takes a page worth of paperwork and a couple weeks, huge problem if it takes a whole year and tens of thousands of dollars worth of lawyer fees. Also, people are a lot less likely to ********* over if they know they'll have their deadbeat ass in the street in no time. And lastly, you'll have a very hard time screening for potential deadbeats if you're not allowed to exclude someone for refusing to provide employment history or prior landlord references.
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Old 02-23-2021, 07:34 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
8,504 posts, read 6,002,379 times
Reputation: 12384
Quote:
Originally Posted by KemBro71 View Post
Do you think there's a difference between landlords who own 1 vs 10 or 50 rentals?
Overall yes. If you get more rentals, chances are you aren’t failing with your first one or if you did you righted the ship and are learning how to make money with rentals thus buying more. The more you get, the more you learn how to make things work. Early I made some mistakes but learned and stuck with it. I made more money, bought more rentals. Ultimately I hired out a property manager and don’t do that much any more and now live off of the rents.
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Old 02-23-2021, 07:41 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
8,504 posts, read 6,002,379 times
Reputation: 12384
Quote:
Originally Posted by bigfatdude View Post
Not a big problem if evicting a deadbeat takes a page worth of paperwork and a couple weeks, huge problem if it takes a whole year and tens of thousands of dollars worth of lawyer fees. Also, people are a lot less likely to ********* over if they know they'll have their deadbeat ass in the street in no time. And lastly, you'll have a very hard time screening for potential deadbeats if you're not allowed to exclude someone for refusing to provide employment history or prior landlord references.
True, but it depends on where you are and the laws.
In what state are you not allowed to do the things you listed? I was a landlord in California, one of the most tenant friendly states. I didn’t have any problems after learning how to screen tenants and manage rentals.
Early on I had to evict a professional deadbeat tenant. It didn’t take anywhere near the money you mentioned or the time.
Are stating these things from personal experience or just repeating what is often said about dead beat tenants?
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Old 02-24-2021, 09:13 AM
 
630 posts, read 345,200 times
Reputation: 613
Quote:
Originally Posted by T. Damon View Post
I don’t know, a house up the street that Zillow values at $725k and sold for just under $600k is coming on the market after several months of remodeling (no expansion other than into the one car garage) by a developer at an eye-watering $1.8M. It will likely sell within days. That’ll mess up Zillow’s algorithm!

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?
yep, for many people, taking less money now is worth avoiding the headache of being a landlord.
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Old 02-24-2021, 10:07 AM
 
Location: Embarrassing, WA
2,626 posts, read 1,831,816 times
Reputation: 3156
A year ago I would have agreed with rent vs. flip, but with the governments move towards "free rent" and perpetual tax and spend, I wouldn't touch it with a 10 foot pole. Not to mention, home values have escalated greatly in the last few years. A family friend and owner of 6 long time rental homes recently sold them all, citing increasing problems with deadbeats and heavy increases in property taxes.
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Old 02-24-2021, 12:00 PM
 
6,507 posts, read 2,265,562 times
Reputation: 7852
Quote:
Originally Posted by Silverfall View Post
So all of the good flippers I know own rentals as well as flips. A decent flipper in my area is currently building a 10 plex. He moved up with his quick hit of cash.
Yes, it's definitely not either/or. Those who are in it as their primary career don't dilly dally.
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Old 02-24-2021, 02:24 PM
 
Location: Rose capitol of Texas
533 posts, read 149,391 times
Reputation: 851
From what I understand, the loans they take out could be an issue.
I believe certain loans are structured so that selling quickly is the only way to
not be stuck with unaffordable terms. Flippers also have investors that they
have to consider in many cases. What the investor says often is the rule.

Renting is a difficult gig in some areas. Finding renters who are responsible
is huge. Then there are the issues of liability concerning renters and the
people who visit the rental unit. What if a couple ends up in a murder/suicide
situation, or the police send a SWAT team? I know some former landlords
who rented out houses, not apartments and they are former landlords for a
reason.

I noticed a small house for sale in my neighborhood, terms are as is. It was
a rental for well over the 6 yrs. I have lived here, to the same person and he
was employed. Apparently it was the last go round for that landlord, they are
marketing it to flippers now.
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Old 02-24-2021, 02:31 PM
 
1,296 posts, read 737,943 times
Reputation: 1572
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 much easier to be a landlord if you happen to be in a landlord-friendly state, have a portfolio of multiple properties so you have cash flow even when dealing with a deadbeat or two and know a persuasive guy with fists the size of a watermelon. If you only have a single property in an extremely tenant-biased city like Boston or NYC a single deadbeat you can't even screen out because you're not allowed to ask anything can easily wipe you out.
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