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I had applicants show up with a little child and I asked some questions and they got too comfortable and told me the child trashed some furniture at their current place. Well ... you are not gonna trash my place!! I rented to an engineer who is never home and earns $$$$ instead.
You're lucky YOU weren't sued for discriminating against a protected class (children).
My first tenants was a young doctors couple with a shepard dog. No issues. My second one is an engineer with a little dog who goes to work with him.
So you've had two tenants. Report back in a few years. You're also lucky the dogs didn't damage your property, leave behind flea eggs/larvae; pets are not generally recommended if you value your rentals...
I just inherited a paid off condo from my grand dad, but it is too small to move into because I have a family and this is just a 2 bed, 1.5 bath house.
I am trying to decide whether to sell it or rent it, and I fully understand that the rental income would not come close to making a living wage, just supplemental income, but it got me curious, how does a full time landlord make a living off this?
Because I crunched the numbers, and out of the market value rent I could get for it from a tenant, I have to pay personal property taxes, income taxes from the rent, homeowners insurance, association fees, and to top it all off, maintenence, since its not like the tenant is paying the plumber.
I figure I would average about $400 a month if I'm lucky, when it comes to actual take home income. So I wouldn't even consider it if it weren't for the fact that real estate tends to appreciate in value over time.
That being said, I ask again, how do private landlords do this for a living? Seems like you'd have to own at least 20 houses to make a high middle class salary. And if they have so much money that they can buy 20 houses, then why should they bother with it?
Do they have such good credit that they can take out mortgage loan after mortgage loan, in which they'd need to own a lot more than 20 houses to make this work?
What exactly am I missing here?
Where I live, landlords bought up most of the property in the area. Most people have to rent because very few owner homes are left.
Not even close to the same thing as real brick and mortar . reits are stocks first and a play on real estate second
Exactly, much easier to deal with. Sold my rentals and bought REITS and life has been easier since someone else gets to handle the tenants and property management.
I have owned more reits over the decades then I care to count including private ones .
They are sill not the same as actual brick and mortar that you own personally ….they trade like stocks and are subject to all the things stocks are subject to .
Money can be squandered all to easy as many have used borrowed money to prop up the dividend or used money that was supposed to buy more property so it could sustain that dividend .
No way would I own a reit as a real estate proxy…
Poor mgmt , drop of profits , missed earnings , plunging stock price because all stocks float with the market , in short all the things that plague stocks plague reits.
While reits plunged in 2008 our coops in Manhattan sold for just 10% bellow the record highs.
The private reit I owned was sucking wind and borrowed money to pay the dividend. …it eventually was subtracted right off the share price when the reit sold.
The same reit went public and last year suspended It’s dividend as it’s hotel business died on the vine.
The other issue I have with reits is they have no place in my portfolio…..they do not respond reliably enough to underlying economic outcomes to do much real diversification.
They respond poorly to high inflation when profits and business fall off . Reits run heavy on borrowed money and rising rates are kryptonite to them ., yet they respond badly in low inflation like a recession or depression…
So they have a small window where they work but not reliably enough to be a portfolio component as a stock diversified since they respond to the same things
Last edited by mathjak107; 09-29-2021 at 02:47 AM..
It was on a tenant that he (seemingly) was trying to get out of the unit. And in NYC the concern was that she'd get another month in the unit as a result of the BK.
So no, they aren't going to declare BK over a months rent but at some point when judgements are being issued and wages garnished or accounts liened, its a natural step.
So you think he waited around to rack up months of unpaid rent and legal fees. Sounds like a **** poor landlord. And then he wants to cry boo hoo? Crappy landlords deserve crappy tenants.
So you think he waited around to rack up months of unpaid rent and legal fees. Sounds like a **** poor landlord. And then he wants to cry boo hoo? Crappy landlords deserve crappy tenants.
I think the NYC laws inhibit speedy evictions and I don't know enough about his ability to manage rentals.
I do know that the people I know personally that have been the most successful investing in residential rental property tend to look at the whole picture any time they make decisions.
Housing court takes a long time to get through here.
A side from the courts being backed up pre covid , nyc is very pro tenant …they will grant the tenant requests for extensions in their case like crazy
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