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Old 09-28-2008, 12:00 PM   #41
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... have been evicted in the past for non-payment of rent, but he drives a Lincoln Navigator.
We've noticed that our tenants have parked their commuter SUV in favor of using a PT Cruiser. They still use window A/C (in a Hawaii home with no insulation and jalousie windows) but they've retrofitted CFLs instead of incandescent bulbs and I'm sure they've cut back on the $700 electric bills. But they recently added a baby to their family.

I'm just happy that he has a good civil-service job and a military pension. In the current credit/housing environment I doubt that they'll be buying a home anytime soon...
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Old 09-29-2008, 10:34 AM   #42
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We've noticed that our tenants have parked their commuter SUV in favor of using a PT Cruiser. They still use window A/C (in a Hawaii home with no insulation and jalousie windows) but they've retrofitted CFLs instead of incandescent bulbs and I'm sure they've cut back on the $700 electric bills. But they recently added a baby to their family.

I'm just happy that he has a good civil-service job and a military pension. In the current credit/housing environment I doubt that they'll be buying a home anytime soon...
Wow, bonus for you. Sounds like a good long-term tenant!
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Old 09-30-2008, 11:10 AM   #43
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Wow, bonus for you. Sounds like a good long-term tenant!
Shipmate of a shipmate. We had a deposit practically before the movers even packed out my parents-in-law. We nearly doubled the rent and, although it's probably time to raise it again in a few months, I hesitate to threaten the golden goose.
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Old 09-30-2008, 12:54 PM   #44
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...although it's probably time to raise it again in a few months, I hesitate to threaten the golden goose.
Yep, that'd be my position. I've never been a landlord and frankly don't want to get into that business, but if I were I'd certainly find great value in a long term, paying, well-behaved tenant. Too many horror stories out there about bad tenants. But you know that.

Good luck!
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Old 09-30-2008, 03:47 PM   #45
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Ha is right that we are not done learning lessons yet. We still need to see how this concludes.
This is a good thread and I will take this opportunity to come up with the lessons. More later.
This downturn has been a good test of my financial plans. Like the shakedown voyage of a new ship, this market has revealed where the problems and weaknesses are (keep bailing!). Whether or not my portfolio will work for me is yet to be determined. Emotional weaknesses have been revealed. I would like to have 2 years work of cash type assets to fall back on. It would help in turbulent markets like these. Once storm clouds pass and it is sunny again, I will build this reserve.
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Old 09-30-2008, 04:01 PM   #46
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I hope the recent oil/credit crisis teaches everyone that:

1. You do not need a 10mpg SUV to commute to work by yourself
2. If you can't pay cash for a car - you probably can't afford it
3. If you can't put down 25% on a house or if the mortgage is more than 33% of your income (pretax) - you probably shouldn't buy it

We can't continue to live on debt....
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Old 09-30-2008, 09:28 PM   #47
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My learning so far:
Having no debt and living expenses in a safe place makes it much easier to sleep with the noise of the current chaos
For every deregulation, a new version of scam and cheat will appear.
When you see behavior that makes no sense (110% mortgages, money lent to people who can not qualify for "real" financing, success being defined by hedge funds, etc etc), don't just watch and wonder, start looking for the exit and be happy if you are early.
nwsteve
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