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Passive income = the best
06-19-2018, 08:16 PM
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#1
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gone traveling
Join Date: Nov 2011
Location: The Deep South Bay
Posts: 744
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Passive income = the best
Getting ready to leave for 104 days in Asia soon and getting my finances in order, I’ll be collecting over $16k in rents while sipping on whatever they drink out there I hear Vietnam has some bangin coffee
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06-19-2018, 08:27 PM
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#2
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Recycles dryer sheets
Join Date: Jun 2011
Posts: 297
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06-19-2018, 08:55 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jan 2013
Posts: 3,405
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Who's minding the store while you are gone? Will your tenants call you on your cell phone in Saigon to tell you the upstairs toilet is leaking? Who will you call if there's a major problem? Are you sure you can trust that AC guy if he tells you that the unit is shot?
After decades of land-lording, my conclusion is that it is not passive income. Hope you have a pleasant and uneventful trip...
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06-19-2018, 09:16 PM
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#4
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gone traveling
Join Date: Nov 2011
Location: The Deep South Bay
Posts: 744
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Nope, nope, Nadia, nope, your conclusions are inconclusive, haven’t had that issue in a long while, now that you got me thinking about it... a $4000 renovation 9 months ago and prior to that a new ac unit for $2800 around 5 years ago. I haven’t stepped foot anywhere near my properties in a couple of years. After almost a decade of landlording things couldn’t be smoother
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06-19-2018, 09:28 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Location: Moscow
Posts: 1,569
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Quote:
Originally Posted by 97guns
Nope, nope, Nadia, nope, your conclusions are inconclusive, haven’t had that issue in a long while, now that you got me thinking about it... a $4000 renovation 9 months ago and prior to that a new ac unit for $2800 around 5 years ago. I haven’t stepped foot anywhere near my properties in a couple of years. After almost a decade of landlording things couldn’t be smoother
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You are soooooo jinxing yourself!
__________________
You can't enlighten the unconscious.
But you can hit'em upside the head a few times to make sure they are really out...
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06-19-2018, 09:37 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jan 2013
Location: SoCal, Lausanne
Posts: 4,408
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Quote:
Originally Posted by 97guns
Getting ready to leave for 104 days in Asia soon and getting my finances in order, I’ll be collecting over $16k in rents while sipping on whatever they drink out there I hear Vietnam has some bangin coffee
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You mean Ca Phe right? It is good. I prefer the bia. $16K will go a long way in Vietnam, Thailand and other neighboring countries. We were there in 2009. Enjoy!
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06-19-2018, 09:42 PM
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#7
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gone traveling
Join Date: Nov 2011
Location: The Deep South Bay
Posts: 744
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Nope...
I’ve heard all the landlording horror stories and have witnessed and personally lived through a few but the wealth building capabilities that I’ve witnessed with real estate far outweighs any of these catastrophes. Right now my brother is rehabbing a property that the tenants left in shambles, $20k to get it back in order and rentable.. but on the flip side, the tenants have been there 12 years and have paid over $175k in rents during that time. The 20k cost of rehabbing comes back to your pocket on the tax return
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06-19-2018, 10:16 PM
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#8
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Full time employment: Posting here.
Join Date: Dec 2013
Posts: 774
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Charmed life
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06-20-2018, 03:25 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Aug 2015
Posts: 1,890
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Humblebrag
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06-20-2018, 04:23 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Aug 2011
Posts: 3,587
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Quote:
Originally Posted by 97guns
I’ve heard all the landlording horror stories and have witnessed and personally lived through a few but the wealth building capabilities that I’ve witnessed with real estate far outweighs any of these catastrophes. Right now my brother is rehabbing a property that the tenants left in shambles, $20k to get it back in order and rentable.. but on the flip side, the tenants have been there 12 years and have paid over $175k in rents during that time. The 20k cost of rehabbing comes back to your pocket on the tax return
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Well a fraction of it does -- unless there is a tax credit that you are referencing that I am unaware of.
-gauss
a newly minted landlord
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06-20-2018, 04:34 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Posts: 2,232
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Quote:
Originally Posted by tomhole
Humblebrag
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humble?
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06-20-2018, 04:41 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Posts: 12,566
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I love my passive income from OPM.
When did we start "sipping on" drinks, instead of just sipping them?
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
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06-20-2018, 04:54 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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My wife's uncle went on an extended trip and came back to find all his guns were stolen.
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06-20-2018, 07:03 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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Quote:
Originally Posted by 97guns
.....I’ve heard all the landlording horror stories and have witnessed and personally lived through a few but the wealth building capabilities that I’ve witnessed with real estate far outweighs any of these catastrophes. Right now my brother is rehabbing a property that the tenants left in shambles, $20k to get it back in order and rentable.. but on the flip side, the tenants have been there 12 years and have paid over $175k in rents during that time. The 20k cost of rehabbing comes back to your pocket on the tax return
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Lucrative yes.... passive... not so much.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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06-20-2018, 08:27 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Western NC
Posts: 4,600
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Residential rental real estate is not what I'd consider passive, either.
As a former member here demonstrated, the best returns on the above come from doing all the work yourself (demo, roughing in plumbing/electrical, screening tenants & collecting payments, etc.)
Paying a management company usually cuts into the returns enough that you might as well just put the money in a stock/bond portfolio instead.
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06-20-2018, 08:35 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2011
Posts: 8,332
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Dividends and interest are also passive income.
They just magically show up every month in my account.
While I'm sipping (on) a drink.
Wherever I might be.
Once or twice a year I get un-passive and review my results and consider changes. After that, I return to being passive. As does my income.
__________________
Living well is the best revenge!
Retired @ 52 in 2005
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06-20-2018, 08:44 AM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,271
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Naw - its as passive as can be. I remember the time we were literally on the beach in Sayulita after losing my wallet when I handled getting an old failed main sewer line replaced at a triplex. Thank you memorized phone contacts. Very cool to be able to do that while being a real drag that I was doing it WHILE ON THE BEACH in Mexico.
Then there was the frozen up laundry room I found out about at a stop flying back from Boston. Gave instructions for getting the thawing started and then got the news about the flooding from the broken pipes when we got into Portland.
Passive as hell.
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
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06-20-2018, 08:58 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,891
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Quote:
Originally Posted by marko
Dividends and interest are also passive income.
They just magically show up every month in my account.
While I'm sipping (on) a drink.
Wherever I might be.
Once or twice a year I get un-passive and review my results and consider changes. After that, I return to being passive. As does my income.
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I'm with you on this one.
But they are not entirely passive. I do have to click a few times to see them and move them around .
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
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06-20-2018, 09:10 AM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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Quote:
Originally Posted by calmloki
Naw - its as passive as can be. I remember the time we were literally on the beach in Sayulita after losing my wallet when I handled getting an old failed main sewer line replaced at a triplex. Thank you memorized phone contacts. Very cool to be able to do that while being a real drag that I was doing it WHILE ON THE BEACH in Mexico.
Then there was the frozen up laundry room I found out about at a stop flying back from Boston. Gave instructions for getting the thawing started and then got the news about the flooding from the broken pipes when we got into Portland.
Passive as hell.
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Passive is doing next to nothing... not spending time on the phone fielding call about problems from tenants and co-ordinating repair work with contractors.... not as passive a stocks and bonds using index funds... rebalancing once a year (or even less) so an hour a year... it doesn't get more passive than that... no tenants or failed sewer pipes or frozen pipes to deal with.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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06-20-2018, 09:10 AM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2011
Posts: 8,332
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Quote:
Originally Posted by CardsFan
But they are not entirely passive. I do have to click a few times to see them and move them around .
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Right. It can be a workout! Gotta watch for that carpal tunnel syndrome!
__________________
Living well is the best revenge!
Retired @ 52 in 2005
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