Landlording

[Arif]

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.

 

[mathjak107]

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 ....

 

[Arif]

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?

 

[rw86347]

Rw - 1800 on a 220k house - what market is that in? Texas?

colorado

 

[rw86347]

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

 

[mathjak107]

i agree about here in nyc,,im thru being a landlord

 

[rw86347]

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.