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Re: Landlording
Old 06-10-2006, 11:11 AM   #21
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Re: Landlording

it really depends on whats involved in the dealings you have to go thru in your local area in regards to tenant issues and the courts.here in new york city it can take 5 months to get a delinquent tenent out....if the tenent declares bankruptcy so they dont have to pay you the back rent it can take even longer to get them out.theres issues here where you may never get your rent...dont give a tenant a lease and you cant even prove what the rent is supposed to be that they owe....after 19 years as a landlord here i can tell you issues you never dreamed would be a problem......
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Re: Landlording
Old 06-10-2006, 03:26 PM   #22
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Re: Landlording

If you have the time, drop by the county courthouse (or wherever the judge hears tenant evictions) and listen to a case between a landlord and a tenant. Pretty interesting stuff. You'd be amazed at what can come out of the tenants mouth. If you hear a lot of cases going against landlords for stupid things then your county MIGHT be pro tenant. IMHO I would prefer just a level playing field without a slant to either landlords or tenants.
I've only been to court one time and that was after I bought a duplex and had to evict the tenant that came with the unit for nonpayment. She was out in less than 2 months but it would have been less if the previous owners had taken care of her requested repairs. By the time I bought it she decided to stop paying rent.

BTW- You can read the landlord/tenant law for your state here: http://www.mrlandlord.com/html/frametop.html

Be warned that your county and city might have applicable laws as well.

Also to read about the life and issues of a landlord visit this site:
http://bbs.mrlandlord.com/qanda/index.mgi
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Re: Landlording
Old 06-10-2006, 05:48 PM   #23
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Re: Landlording

my sons an attorney here in nyc and the stories he has are amazing...do you know you cant even take a tenant to court unless you have meticulous records and proof the rent wasnt paid..the judge cant say to the tenant"okay mr tenant show us your proof you paid mays rent...nope! the landlord has to bring in enough proof so the judge can open the case.you need copies of checks to show a pattern ,look heres feb,march,april, no jmay....now the landlord could have just not presented may as silly as it sounds but some structure or evidence is needed to get the case open..if you get the rent in cash you cant even get the case going.....
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Re: Landlording
Old 06-11-2006, 05:55 PM   #24
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Re: Landlording

Mathjak, thanks for your reply, and Arif, thanks for the links! It would appear that whether landlording is pleasant is very dependent on the location, but in general, how often do you have to deal with problems given the number of units you own? Is it one major issue (non-payment or willful damage to the rental unit) per unit per year? Is that overstating the problem?

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Re: Landlording
Old 06-11-2006, 06:47 PM   #25
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Re: Landlording

biggest issue is falling behind on rent.....last tenent i got out out had about 8,000 in damage in the apartment and no money...wasnt worth the expense of going after her
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Re: Landlording
Old 06-11-2006, 07:22 PM   #26
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Re: Landlording

Believe it or not for most landlords they run into problems when they don't follow thier own policies and get soft. It's OK to be flexible but don't let the tenant take advantage of you. Rule #1 of landlording is the landlord is in charge (after all, you do own the property). Run it as a business and not a charity or passive investment and you'll be fine. Just like anything else learn from your mistakes (and you will make them) and move on.
The hardest part is filing for eviction on a tenant when you know it is going to hurt you financially (especially with mult. units and no pays). I've had to do it several times and called the tenants bluff. Once they are served by the sherriff they either pay right away or go on with the eviction.
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Re: Landlording
Old 06-12-2006, 03:35 AM   #27
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Re: Landlording

you can be as tough as you want but when you loose 6 months income time wise evicting someone ,and legal fees,or the woman who is a single mom because her husband left her brings 1/2 the back rent to court and the court gives her another 6 weeks to pay you....it all ends up being not worth it to me anymore..
the legal system in certain areas just plain suck for landlords....
eventually i got my tenent out not for the rent she owed but because i wanted the apartment for my son....do you know even the notice i gave her had to be done in a very stricy way...i had to have a process server give her the note...it couldnt be mailed ,slipped under the door or even certified mail or it was invalid...it had to be done by a certain datein the month or else the tenant would get another month ....
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Re: Landlording
Old 06-12-2006, 06:52 AM   #28
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Re: Landlording

Mathjak,
No offense but NYC is not exactly the model for landlord/tenant laws. In GA you can file for eviction for nonpayment when they don't pay (after the grace period on the lease....usually five days after the rent is due). You mail the notice to the tenant (certified) and if they don't pay you file the eviction with a copy of the notice you mailed and you fill out the writ at the courthouse. So the most you should lose in rent is MAX 6 weeks not 6 months. They is no way I would let a tenant live in my property for 6 months without paying rent. I realize that's NYC but the rest of the country is different. In SC they have a judge that if you wait past the grace period on your lease he grills you and asks why did you (landlord) wait so long to file the eviction. If you wait too long the judge sees it as you can afford the loss and is no rush to get the tenant out. Like I said IMHO being a landlord in NYC is not an investment at all. Why deal wiht the headaches?
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Re: Landlording
Old 06-12-2006, 03:48 PM   #29
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Re: Landlording

Quote:
Originally Posted by macdaddy
Rw - 1800 on a 220k house - what market is that in? Texas?
colorado
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Re: Landlording
Old 06-12-2006, 03:50 PM   #30
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Re: Landlording

Quote:
Originally Posted by tryan
hmmmm ... must be gross rent. Bet you're keeping about 60% of it after paying: property taxes (12%); vacancy (5%); maintenance (15%); insurance (2%); water/sewage (2%).
Yes that is. Once I finish paying it off, I should be able to keep $1400/mo
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Re: Landlording
Old 06-12-2006, 05:17 PM   #31
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Re: Landlording

i agree about here in nyc,,im thru being a landlord
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Re: Landlording
Old 06-12-2006, 05:20 PM   #32
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Re: Landlording

Here in Colorado. If you follow the law to the letter you can have their sheriff throw their stuff on the street (literally) with in 30 days.
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