Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 07-12-2007, 11:11 AM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
You can stop plucking that one note string. You're well established on my ignore list.

Its clear you feel that if you're incapable of doing something, its not possible for anyone else either.

You have a nice life now.
__________________

__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-12-2007, 11:55 AM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,459
Quote:
Originally Posted by raysk View Post
It takes a certain stomach to become successful at babysitting (landlording).
I've been doing this for close to 20 years and have never seen a market as bad as the last few years.
I've also found that single girls are among the worst type tenants.They are much sloppier that guys are.
N.Ohio is still in the economic doldrums,very few good jobs.I've had more evictions in the last three years than in all the previous years combined,Just fortunate that here evictions are quick.It takes about 38 days or so from the time of an eviction notice till put out.

We are selling our properties now,10 sold,43 to go.
I would keep them if the tenant pool was better,but of late it's still getting worse.The sub prime lending has screwed up the system.It's often cheaper for renters to buy a house than it is for them to come up with rent and security.Now we get the bottom of the bottom of the barrel.

My vacancy rate has been at close to 45% since 2004.Vacancies are also prime targets for vandals,which we have had more than our fair share of.

Property taxes has also skyrocketed over the last few years.

I would suggest that anyone getting into the game put aside and keep as large a reserve as possible.Thats what kept us going through these times.
That and the fact that in good times I paid extra on the mortgages.

My properties are in a low to moderate income level,just can't find moderate income tenants.Most callers to my ads are deadbeats with very low income,welfare recipients with less money coming in than the rent alone is.
I check everyone out for prior evictions on our muni court site.Very few applicants without priors.Mondays at eviction court has went from 15 a week to over 50 some weeks.
Rust belt areas are just dead in the water right now.
Dang! 53 PROPERTIES?!! We had 53 units (13 properties) until selling a couple little houses recently. Also been in the game just a bit over 20 years. Sounds like we rent to a similiar demographic and I second your assessment on the rental pool - same sudden surge in my visits to court in the last few years vs. the prior 18 years. We don't do much in the way of application checking, but our vacancy rate is maybe 3%, so i tend to try to cherry pick tenants that seem like they will fit the units best. I've stopped renting to section 8 tenants because of a lack of reciprocity from the local administrators for the program. Frankly our rent is low enough that I no longer feel the need to provide care for the mentally and physically halt just for the rent. It would be different if we were scooping up government care dollars, but we're just charging rent. I want to provide a decent place to live to decent people, not full time care.
__________________

__________________
calmloki is offline   Reply With Quote
Old 07-12-2007, 12:26 PM   #23
Dryer sheet aficionado
 
Join Date: Dec 2006
Posts: 25
I used to do a lot with sect8.We have one of the better offices here.
The last few years sect8'ers don't want to live in the old city.Now they want what they "deserve",suburbs,fancy townhouses with pools and central air.
In the last 4 years we went from almost 80% sect8 to less than 15% today.

I had two calls for houses today.Income is $234. from welfare,but they want a $550.unit.
Thank goodness for muni courts that have internet access to check on people.
__________________
raysk is offline   Reply With Quote
Old 07-12-2007, 12:35 PM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,459
Quote:
Originally Posted by raysk View Post
I used to do a lot with sect8.We have one of the better offices here.
The last few years sect8'ers don't want to live in the old city.Now they want what they "deserve",suburbs,fancy townhouses with pools and central air.
....
__________________
calmloki is offline   Reply With Quote
Old 07-12-2007, 12:37 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,380
I'm not a landlord and likely won't be. I got a good look at that watching (and helping with work) my parents small rental operations when I was a teenager. It was entertaining though! A piece of life I wasn't otherwise exposed to.

I rent now, and the vacancy rate in resonably nice central locations is 1% or less. There is very little new apartment building going on in these land and zoning constrained areas, but plenty condo building. I don't know how much of this will ultimately come onto the rental market. Maybe very little as there seems to be good condo purchase demand.

We haven't been tested by a soft or even normal job market in a long while; heavy migration into the area continues.

I'm a natural believer in cycles, but it has been a while for Puget Sound since it was anything other than up.

Ha
__________________
haha is offline   Reply With Quote
Old 08-16-2007, 11:17 AM   #26
Recycles dryer sheets
Eyerishgold's Avatar
 
Join Date: Aug 2007
Posts: 222
I'm thinking about buying a rental property and I keep hearing stories like this one. I'm currently doing some research and some folks here have recomended a few books to read about becoming a landlord. I feel I'll be prepared when I purchase my first rental property, but stories like this....
__________________
Eyerishgold is offline   Reply With Quote
Old 08-16-2007, 12:42 PM   #27
Dryer sheet aficionado
 
Join Date: Dec 2006
Posts: 25
The best book is "Landlording" by Leigh Robinson.

No is prepared.After 20 yaers of doing this I still get surprises.
www.Mrlandlord has a good q&a forum,you may want to take a peek at it.

Landlording has changed over the years.Todays laws all protect the tenant.
In some states you may not even verify where the tenant gets their income from.
The courts and media are all on the tenants side,we rich,fatcat landlords are the bad guys.
When asking an applicant why they are moving,I've yet to hear even one say that their landlord was a good one.If they trash a house and get eveicted,it's always the evil landlords fault.
__________________

__________________
raysk is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Live Long? Die Young? Answer Isnít Just in Genes Eagle43 Other topics 6 08-31-2006 12:12 PM
term life recommendations Rich_by_the_Bay FIRE and Money 9 08-24-2006 09:50 AM
Best view of what a Government should be (caution very long) mickj Other topics 0 08-09-2006 01:41 PM
Trying to decide when/how to leave my company...(LONG) thefed Other topics 49 07-31-2006 08:23 AM
The key to a long, healthy life: "cigarettes, whisky and wild, wild women" Cool Dood Other topics 0 06-06-2006 05:47 PM

 

 
All times are GMT -6. The time now is 01:12 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.