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Old 12-04-2014, 03:25 PM   #41
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[QUOTE=Winemaker;1525461]One is exempt from Federal discrimination Laws if
1. The owner occupies one unit of a 1-4 unit building.
2. If an owner has up to 4 SF homes and does not advertise.


Do you have a citation for that by chance?

Thx
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Old 12-04-2014, 04:10 PM   #42
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I have it in several books but check nolo.com under federal housing discrimination laws.


Hey, my second post since I signed up in September, and within an hour.
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Old 12-04-2014, 04:27 PM   #43
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As someone inherited real estate, my new motto is "If you love your children, you won't leave them real estate." I sold 50% of the properties at huge losses, just to lighten the burden of dealing with idiots. These are low income properties, but if yours are in a good neighborhood, hopefully they will be a blessing to your children, and not a burden. I admire you wanting to leave them something. Just my .02.
I'm curious about this rule of yours. Do you mean "don't leave them rental property?" Or any property at all? That would be unusual, since many people live in their homes until they die. Just inherited a house from my Mom, for that matter.

I'm a rental real estate owner myself. Two rentals in a far away state, managed by very professional managers. Higher end SFHs, a nice cash flow, no problems so far, and I hope to keep them for a long time. I'll fly out and visit them (and Lake Tahoe) every few years, but more for fun than for concern. I also own a rental that we used to live in, but it's rented to DD and family. If they ever move out I may sell it as it's too close and I'd probably want to do the maintenance and all myself. That might be too much like work.

My rental experience started a few years ago after talking my friend Retireby90. I guess the best indication of my experience as a landlord is that we're still friends.
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Old 12-04-2014, 04:47 PM   #44
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Originally Posted by bld999 View Post
One is exempt from Federal discrimination Laws if
1. The owner occupies one unit of a 1-4 unit building.
2. If an owner has up to 4 SF homes and does not advertise.
State laws may be more strict than federal laws. And even a 4-plex, occupied by an owner, cannot discriminate against race.


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Not likely to be sued because I've always had multiple qualified applicants and choose the most qualified and we use Realtors to keep us within the law.
In MN, we have to take the applications one at a time. Process and accept or reject the first applicant, BEFORE the application fee check is cashed for the second one. We cannot 'sort' or 'sift' all of the applicants.
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Old 12-04-2014, 06:07 PM   #45
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Onward's Law:

Securities are for people who are better working with their minds than with their hands. Real estate, vice versa.

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Old 12-04-2014, 06:10 PM   #46
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Onward's Law:

Securities are for people who are better working with their minds than with their hands. Real estate, vice versa.

So if you do both securities and real estate, does that mean you're good with both mind and hands? Or bad with both?
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Old 12-04-2014, 06:35 PM   #47
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In MN, we have to take the applications one at a time. Process and accept or reject the first applicant, BEFORE the application fee check is cashed for the second one. We cannot 'sort' or 'sift' all of the applicants.

Pennsylvania is a landlord friendly state. Discrimination is not allowed of course, but we can evaluate multiple tenant applications simultaneously based on finances and background checks. We are allowed to discriminate if there are more than two unrelated people intending to occupy the property. This allows us to keep groups of students or multiple families from occupying the property.



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Old 12-04-2014, 10:45 PM   #48
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Over the yrs we rented a few places (dumps but only thing available) in between building new homes. One of the first places took us for $400 because we didn't know better. They handed us a "known issue" list before we moved in which we half-arsedly filled out. We were given an education when we moved out. The next few places we noted 1/8" scratches and took a video of the whole place!! I think the landlords scammed a lot of $ off renters that way. But, that is exactly the way I would do it if I were to become a landlord.
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Old 12-05-2014, 01:58 PM   #49
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Quote:
Do you mean "don't leave them rental property?" Or any property at all? That would be unusual, since many people live in their homes until they die. Just inherited a house from my Mom, for that matter.
In my case, it was both. If anything could go wrong, it did. There were some unusual circumstances and inopportune timing which turned into an unbelievable legal nightmare. However, in talking to friends at church/work/etc., we've found that our experience with occupants in the area we're in isn't all that unusual. Not everyone is cut out to be a landlord, and I'm one of them.
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Old 12-05-2014, 02:22 PM   #50
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Any experience doing short term rentals of mother-in-law suites, guest house, room over garage, etc. to share?

I have used AirBnB type services a couple of times; and, the landlords seemed happy enough with the arrangement. But, I am wondering if something like this might be more trouble than it would be worth.
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Old 12-05-2014, 02:34 PM   #51
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Any experience doing short term rentals of mother-in-law suites, guest house, room over garage, etc. to share?

I have used AirBnB type services a couple of times; and, the landlords seemed happy enough with the arrangement. But, I am wondering if something like this might be more trouble than it would be worth.
We seriously considered this for our granny flat detached casita. It's a higher end unit, 10 minutes from the beach, in a vacation destination. I figured we'd get 50% more rent/year. (Assume there's more vacancy.)

The reason we didn't is that it would be a LOT more work. Cleaning it/turning it over. Managing the bookings. Worrying about getting ripped off with every vacationer. We'd also have had to invest in higher end furniture/kitchenware... (We had it furnished for MIL/FIL in random extra furniture we scrounged together.)

I'm happy collecting a check once a month, the tenants clean the unit and wash their sheets, and provide their own furnishings. It's enough work to clean my own house.
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Old 12-05-2014, 09:16 PM   #52
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So if you do both securities and real estate, does that mean you're good with both mind and hands? Or bad with both?
yes
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